Envisioned to be the future of secured distributed systems, blockchain networks have received increasing attention from both the industry and academia in recent years. However, blockchain mining processes demand high hardware costs and consume a vast amount of energy (studies have shown that the amount of energy consumed in Bitcoin mining is almost the same as the electricity used in Ireland). To address the high mining cost problem of blockchain networks, in this paper, we propose a blockchain mining resources allocation algorithm to reduce the mining cost in PoW-based (proof-of-work-based) blockchain networks. We first propose an analytical queueing model for general blockchain networks. In our queueing model, transactions arrive randomly to the queue and are served in a batch manner with unknown service rate probability distribution and agnostic to any priority mechanism. Then, we leverage the Lyapunov optimization techniques to propose a dynamic mining resources allocation algorithm (DMRA), which is parameterized by a tuning parameter $K>0$. We show that our algorithm achieves an $[O(1/K), O(K)]$ cost-optimality-gap-vs-delay tradeoff. Our simulation results also demonstrate the effectiveness of DMRA in reducing mining costs.
Current blockchain technologies provide very limited means of interoperability. In particular, solutions enabling blockchains to verify the existence of data on other blockchains are either very costly or are not fully decentralized. To overcome these limitations, we introduce Testimonium, a novel blockchain relay scheme that applies a validation-on-demand pattern and the on-chain execution of Simplified Payment Verifications to enable the verification of data across blockchains while remaining fully decentralized. Evaluating the scheme for Ethereum-based blockchains shows that Testimonium ach…
Blockchain is a distributed ledger with wide applications. Due to the increasing storage requirement for blockchains, the computation can be afforded by only a few miners. Sharding has been proposed to scale blockchains so that storage and transaction efficiency of the blockchain improves at the cost of security guarantee. This paper aims to consider a new protocol, Secure-Repair-Blockchain (SRB), which aims to decrease the storage cost at the miners. In addition, SRB also decreases the bootstrapping cost, which allows for new miners to easily join a sharded blockchain. In order to reduce stor…
Feeding external data to a blockchain, a.k.a. data feed, is an essential task to enable blockchain interoperability and support emerging cross-domain applications, notably stablecoins. Given the data-intensive feeds in real life (e.g., high-frequency price updates) and the high cost in using blockchain, namely Gas, it is imperative to reduce the Gas cost of data feeds. Motivated by the constant-changing workloads in finance and other applications, this work focuses on designing a dynamic, workload-aware approach for cost effectiveness in Gas. This design space is understudied in the existing b…
Privacy preservation is a big concern for various sectors. To protect individual user data, one emerging technology is differential privacy. However, it still has limitations for datasets with frequent queries, such as the fast accumulation of privacy cost. To tackle this limitation, this paper explores the integration of a secured decentralised ledger, blockchain. Blockchain will be able to keep track of all noisy responses generated with differential privacy algorithm and allow for certain queries to reuse old responses. In this paper, a demo of a proposed blockchain-based privacy management…
Decentralization, in the form of mesh networking and blockchain, two promising technologies, is coming to the telecommunications industry. Mesh networking allows wider low cost Internet access with infrastructures built from routers contributed by diverse owners, while blockchain enables transparency and accountability for investments, revenue or other forms of economic compensations from sharing of network traffic, content and services. Crowdsourcing network coverage, combined with crowdfunding costs, can create economically sustainable yet decentralized Internet access. This means every part…
We develop a model of stable assets, including non-custodial stablecoins backed by cryptocurrencies. Such stablecoins are popular methods for bootstrapping price stability within public blockchain settings. We derive fundamental results about dynamics and liquidity in stablecoin markets, demonstrate that these markets face deleveraging feedback effects that cause illiquidity during crises and exacerbate collateral drawdown, and characterize stable dynamics of the system under particular conditions. The possibility of such `deleveraging spirals' was first predicted in the initial release of our…
Blockchains and cryptocurrencies disrupted the conversion of energy into a medium of exchange. Numerous applications for blockchains and cryptocurrencies are now envisioned for purposes ranging from inventory control to banking applications. Naturally, in order to mine in an economically viable way, regions where energy is plentiful and cheap, e.g., close to hydroelectric plants, are sought. The possibility of converting energy into cash, however, also opens up opportunities for a new kind of cyber attack aimed at illegally mining cryptocurrencies by stealing energy. In this work, we indicate,…
IoT devices have been adopted widely in the last decade which enabled collection of various data from different environments. The collected data is crucial in certain applications where IoT devices generate data for critical infrastructure or systems whose failure may result in catastrophic results. Specifically, for such critical applications, data storage poses challenges since the data may be compromised during the storage and the integrity might be violated without being noticed. In such cases, integrity and data provenance are required in order to be able to detect the source of any incid…
We explore practical tradeoffs in blockchain-based biometric template storage. We first discuss opportunities and challenges in the integration of blockchain and biometrics, with emphasis in biometric template storage and protection, a key problem in biometrics still largely unsolved. Blockchain technologies provide excellent architectures and practical tools for securing and managing the sensitive and private data stored in biometric templates, but at a cost. We explore experimentally the key tradeoffs involved in that integration, namely: latency, processing time, economic cost, and biometri…
Public blockchains such as Ethereum and Bitcoin provide transparency and accountability, and have strong non-repudiation properties, but fall far short of enterprise privacy requirements for business processes. Consequently consortiums are exploring private blockchains to keep their membership and transactions private. However, private blockchains do not provide adequate protection against potential collusion by consortium members to revert the state of the blockchain. To countenance this, the private blockchain state may be "pinned" to a tamper resistant public blockchain. Existing solutions …
As transaction fees skyrocket today, blockchains become increasingly expensive, hurting their adoption in broader applications. This work tackles the saving of transaction fees for economic blockchain applications. The key insight is that other than the existing "default" mode to execute application logic fully on-chain, i.e., in smart contracts, and in fine granularity, i.e., user request per transaction, there are alternative execution modes with advantages in cost-effectiveness. On Ethereum, we propose a holistic middleware platform supporting flexible and secure transaction executions, inc…
The popularity and applicability of mobile crowdsensing applications are continuously increasing due to the widespread of mobile devices and their sensing and processing capabilities. However, we need to offer appropriate incentives to the mobile users who contribute their resources and preserve their privacy. Blockchain technologies enable semi-anonymous multi-party interactions and can be utilized in crowdsensing applications to maintain the privacy of the mobile users while ensuring first-rate crowdsensed data. In this work, we propose to use blockchain technologies and smart contracts to o…
This work presents ContractChecker, a Blockchain-based security protocol for verifying the storage consistency between the mutually distrusting cloud provider and clients. Unlike existing protocols, the ContractChecker uniquely delegates log auditing to the Blockchain, and has the advantages in reducing client cost and lowering requirements on client availability, lending itself to modern scenarios with mobile and web clients. The ContractChecker collects the logs from both clients and the cloud server, and verifies the consistency by cross-checking the logs. By this means, it does not only de…
Full nodes, which synchronize the entire blockchain history and independently validate all the blocks, form the backbone of any blockchain network by playing a vital role in ensuring security properties. On the other hand, a user running a full node needs to pay a heavy price in terms of storage costs. E.g., the Bitcoin blockchain size has grown over 215GB, in spite of its low throughput. The ledger size for a high throughput blockchain Ripple has already reached 9TB, and it is growing at an astonishing rate of 12GB per day! In this paper, we propose an architecture based on 'fountain codes', …
Unlike cryptocurrency transactions in bitcoin that are stored indefinitely, the data of certain applications like IoT have finite-lifetime. In this context, one of the recent research works proposed LiTiChain - a new architecture for Blockchain of finite-lifetime blocks with applications to Edge-IoT. The novelty of LiTiChain lies in ensuring the connectivity of the chain even after the expired blocks are deleted from the chain. To provide the same level of security as conventional blockchain, in LiTiChain, some blocks are stored longer than their lifetime, which incurs additional storage cost.…
Blockchain is becoming a new generation of information infrastructures. However, the current blockchain solutions rely on a continuous connectivity network to query and modify the state of the blockchain. The emerging satellite technology seems to be a good catalyst to forward offline transactions to the blockchain. However, this approach suffers expensive costs, difficult interoperability, and limited computation problems. Therefore, we propose BcMON, the first blockchain middleware for offline networks. BcMON incorporates three innovative designs: 1) it reduces the costs of offline transacti…
In order to have transactions executed and recorded on blockchains such as the Ethereum Mainnet, fees expressed in crypto-currency units of the blockchain must be paid. One can buy crypto-currency called Ether of the Ethereum blockchain from exchanges and pay for the transaction fees. In the case of test networks (such as Rinkeby) or scientific research blockchains (such as Bloxberg), free crypto-currency, Ether, is distributed to users via faucets. Since transaction slots on the blocks, storage and smart contract executions are consuming blockchain resources, Ethers are distributed by fixed s…
A popular method of improving the throughput of blockchain systems is by running smaller side blockchains that push the hashes of their blocks onto a trusted blockchain. Side blockchains are vulnerable to stalling attacks where a side blockchain node pushes the hash of a block to the trusted blockchain but makes the block unavailable to other side blockchain nodes. Recently, Sheng et al. proposed a data availability oracle based on LDPC codes and a data dispersal protocol as a solution to the above problem. While showing improvements, the codes and dispersal protocol were designed disjointly w…
Flexible resources in built environments are seen as a low-cost opportunity for delivering grid management services. Consequently, the centralised aggregator model, where the aggregator is used to bundle demand flexibility from flexible resources and deliver it to flexibility customers such as Distributed/Transmission System Operator (DSO/TSO) in flexibility markets, has been adopted. However, the aggregator role introduces various security and trust challenges. In this work, we propose a blockchain-based flexibility trading framework dubbed PlexiChain to address the security and trust challen…
Blockchain systems often employ proof-of-work consensus protocols to validate and add transactions into hashchains. These protocols stimulate competition among miners in solving cryptopuzzles (e.g. SHA-256 hash computation in Bitcoin) in exchange for a monetary reward. Here, we model mining as an all-pay auction, where miners' computational efforts are interpreted as bids, and the allocation function is the probability of solving the cryptopuzzle in a single attempt with unit (normalized) computational capability. Such an allocation function captures how blockchain systems control the difficul…
This paper extends the blockchain sustainability framework of Budish (2018) to consider proof of stake (in addition to proof of work) consensus mechanisms and permissioned (where the number of nodes are fixed) networks. It is demonstrated that an economically sustainable network will involve the same cost regardless of whether it is proof of work or proof of stake although in the later the cost will take the form of illiquid financial resources. In addition, it is shown that regulating the number of nodes (as in a permissioned network) does not lead to additional cost savings that cannot other…
Blockchain technologies provide excellent architectures and practical tools for securing and managing the sensitive and private data stored in biometric templates, but at a cost. We discuss opportunities and challenges in the integration of blockchain and biometrics, with emphasis in biometric template storage and protection, a key problem in biometrics still largely unsolved. Key tradeoffs involved in that integration, namely, latency, processing time, economic cost, and biometric performance are experimentally studied through the implementation of a smart contract on the Ethereum blockchain …
A method for timestamping, anchoring and certification of a virtually unlimited amount of data in one or more blockchains, focusing on scalability and cost-effectiveness while ensuring existence, integrity and ownership by using cryptographic proofs that are independently verifiable by anyone in the world without disclosure of the original data and without the intervention of the certifying party.
We model and analyze blockchain miners who seek to maximize the compound return of their mining businesses. The analysis of the optimal strategies finds a new equilibrium point among the miners and the mining pools, which predicts the market share of each miner or mining pool. The cost of mining determines the share of each miner or mining pool at equilibrium. We conclude that neither miners nor mining pools who seek to maximize their compound return will have a financial incentive to occupy more than 50% of the hash rate if the cost of mining is at the same level for all. However, if there is…
Ethereum is a distributed blockchain that can execute smart contracts, which inter-communicate and perform transactions automatically. The execution of smart contracts is paid in the form of gas, which is a monetary unit used in the Ethereum blockchain. The Ethereum Virtual Machine (EVM) provides the metering capability for smart contract execution. Instruction costs vary depending on the instruction type and the approximate computational resources required to execute the instruction on the network. The cost of gas is adjusted using transaction fees to ensure adequate payment of the network. I…
Blockchain is built on a peer-to-peer network that relies on frequent communications among the distributively located nodes. In particular, the consensus mechanisms (CMs), which play a pivotal role in blockchain, are communication resource-demanding and largely determines blockchain security bound and other key performance metrics such as transaction throughput, latency and scalability. Most blockchain systems are designed in a stable wired communication network running in advanced devices under the assumption of sufficient communication resource provision. However, it is envisioned that the m…
An increasing amount of users' sensitive information is now being collected for analytics purposes. To protect users' privacy, differential privacy has been widely studied in the literature. Specifically, a differentially private algorithm adds noise to the true answer of a query to generate a noisy response. As a result, the information about the dataset leaked by the noisy output is bounded by the privacy parameter. Oftentimes, a dataset needs to be used for answering multiple queries (e.g., for multiple analytics tasks), so the level of privacy protection may degrade as more queries are ans…
Blockchain emerged as a solution for data integrity, non-repudiation, and availability in different applications. Data sensitive scenarios, such as Health Care, can also benefit from these blockchain properties. Consequently, different research proposed the adoption of blockchain in Health Care applications. However, few are discussed about incentive methods to attract new users, as well as to motivate the system or application usage by existing end-users. Also, little is discussed about performance during code execution in blockchains. In order to tackle these issues, this work presents the p…
The resource-consuming mining of blocks on a blockchain equipped with a proof of work consensus protocol bears the risk of ruin, namely when the operational costs for the mining exceed the received rewards. In this paper we investigate to what extent it is of interest to join a mining pool that reduces the variance of the return of a miner for a specified cost for participation. Using methodology from ruin theory and risk sharing in insurance, we quantitatively study the effects of pooling in this context and derive several explicit formulas for quantities of interest. The results are illustra…
Blockchain uses the idea of storing transaction data in the form of a distributed ledger wherein each node in the network stores a current copy of the sequence of transactions in the form of a hash chain. This requirement of storing the entire ledger incurs a high storage cost that grows undesirably large for high transaction rates and large networks. In this work we use the ideas of secret key sharing, private key encryption, and distributed storage to design a coding scheme such that each node stores only a part of the entire transaction thereby reducing the storage cost to a fraction of its…
Northeastern University, China（中国东北大学）；Alibaba-NTU Singapore Joint Research Institute（阿里巴巴-南洋理工大学新加坡联合研究院）
The progress of deep learning (DL), especially the recent development of automatic design of networks, has brought unprecedented performance gains at heavy computational cost. On the other hand, blockchain systems routinely perform a huge amount of computation that does not achieve practical purposes in order to build Proof-of-Work (PoW) consensus from decentralized participants. In this paper, we propose a new consensus mechanism, Proof of Learning (PoLe), which directs the computation spent for consensus toward optimization of neural networks (NN). In our mechanism, the training/testing data…
Bitcoin uses blockchain technology and proof-of-work (PoW) mechanism where nodes spend computing resources and earn rewards in return for spending these resources. This incentive system has caused power to be significantly biased towards a few nodes, called mining pools. In fact, poor decentralization appears not only in PoW-based coins but also in coins adopting other mechanisms such as proof-of-stake (PoS) and delegated proof-of-stake (DPoS). In this paper, we target this centralization issue. To this end, we first define (m, \varepsilon, δ)-decentralization as a state that satisfies 1) ther…
Designing an efficient difficulty control algorithm is an essential problem in Proof-of-Work (PoW) based blockchains because the network hash rate is randomly changing. This paper proposes a general difficulty control algorithm and provides insights for difficulty adjustment rules for PoW based blockchains. The proposed algorithm consists a two-layer neural network. It has low memory cost, meanwhile satisfying the fast-updating and low volatility requirements for difficulty adjustment. Real data from Ethereum are used in the simulations to prove that the proposed algorithm has better performan…
With a growing number of institutions involved in the global education market, it has become increasingly challenging to verify the authenticity of academic achievements such as CVs and diplomas. Blockchain is an enabling technology that can play a key role in solving this problem. This study introduces a blockchain-based achievement record system that produces a verifiable record of achievements. The proposed system aims to facilitate the process of authentication and validation of certificates reliably, easily, and quickly, leveraging the unique capabilities offered through Blockchain techno…
Energy storage provides an effective way of shifting temporal energy demands and supplies, which enables significant cost reduction under time-of-use energy pricing plans. Despite its promising benefits, the cost of present energy storage remains expensive, presenting a major obstacle to practical deployment. A more viable solution to improve the cost-effectiveness is by sharing energy storage, such as community sharing, cloud energy storage and peer-to-peer sharing. However, revealing private energy demand data to an external energy storage operator may compromise user privacy, and is suscept…
The automotive industry has seen an increased need for connectivity, both as a result of the advent of autonomous driving and the rise of connected cars and truck fleets. This shift has led to issues such as trusted coordination and a wider attack surface have come to light, leading to higher costs and bureaucratic interventions. Due to the increasing adoption of connected vehicles, as well as other connected infrastructure, trustless peer to peer systems including blockchain are being explored as potential solution to this efficiency problem. All the while, scalability is still a significant …
Advancements in distributed ledger technologies are rapidly driving the rise of decentralized crowdsourcing systems on top of open smart contract platforms like Ethereum. While decentralized blockchain-based crowdsourcing provides numerous benefits compared to centralized solutions, current implementations of decentralized crowdsourcing suffer from fundamental scalability limitations by requiring all participants to pay a small transaction fee every time they interact with the blockchain. This increases the cost of using decentralized crowdsourcing solutions, resulting in a total payment that …
The rise in the adoption of blockchain technology has led to increased illegal activities by cyber-criminals costing billions of dollars. Many machine learning algorithms are applied to detect such illegal behavior. These algorithms are often trained on the transaction behavior and, in some cases, trained on the vulnerabilities that exist in the system. In our approach, we study the feasibility of using metadata such as Domain Name (DN) associated with the account in the blockchain and identify whether an account should be tagged malicious or not. Here, we leverage the temporal aspects attache…
Green bonds have been shown to be effective tool for sustainability however market growth is impeded by high issuance and transaction costs. The lack of appropriate standardisation and frameworks raise fear of greenwashing. In this paper, we propose a platform for green bond issuance on the Algorand blockchain. It offers "Green Bonds as a Service", increasing accessibility through automation. The solution has minimal associated costs and supports fractional asset ownership, both of which will help adoption especially in developing countries. A financial regulator must preapprove an investor an…
Transactive energy plays a key role in the operation and energy management of future power systems. However, the conventional operational mechanism, which follows a centralized design, is often less secure, vulnerable to malicious behaviors, and suffers from privacy leakage. In this work, we introduce blockchain technology in transactive energy to address these challenges. Specifically, we develop a novel blockchain-based transactive energy framework for prosumers and design a decentralized energy trading algorithm that matches the operation of the underlying blockchain system. We prove that t…
The advent of distributed energy resources (DERs), such as distributed renewables, energy storage, electric vehicles, and controllable loads, \rv{brings} a significantly disruptive and transformational impact on the centralized power system. It is widely accepted that a paradigm shift to a decentralized power system with bidirectional power flow is necessary to the integration of DERs. The virtual power plant (VPP) emerges as a promising paradigm for managing DERs to participate in the power system. In this paper, we develop a blockchain-based VPP energy management platform to facilitate a ric…
Incentive Mechanism Design for Privacy-Preserving Decentralized Blockchain Relayers
Ibn Tofail University（伊本·图费勒大学）；University Mohammed VI Polytechnic（穆罕默德六世理工大学）；International University of Rabat（拉巴特国际大学）；University of Quebec at Trois-Rivieres（魁北克大学特罗-里维耶尔分校）；Learning and Game Theory Laboratory, TIMADIE（学习与博弈论实验室，TIMADIE）；University of Leeds（利兹大学）
Blockchains have shown great promise as peer-to-peer digital currency systems over the past 10 years. However, with increased popularity, the demand for processing transactions has also grown leading to increased costs, confirmation times, and limited blockchain utility. There have been a number of proposals on how to scale blockchains, such as Plasma, Polkadot, Elastico, RapidChain, Bitcoin-NG, and OmniLedger. These solutions all propose the segmentation of every function of a blockchain, namely consensus, permanent data storage, transaction processing, and consistency, which significantly in…
