Novel Architecture to Create and Maintain Personal Blockchains

TL;DR

This paper proposes a new blockchain architecture that enables users to create personal blockchains, combining privacy and ease of use, to promote broader adoption in private data handling scenarios.

Contribution

A novel blockchain architecture that supports personal blockchains, balancing privacy and accessibility, addressing limitations of traditional centralized and blockchain systems.

Findings

Supports privacy comparable to private blockchains

Enhances usability similar to public blockchains

Facilitates adoption in private data use cases

Abstract

Blockchain has been touted as a revolutionary technology. However, despite the excitement, blockchain has not been adopted in many fields. Many are hesitant to adopt blockchain technology due to privacy concerns, barriers to use, or lack of practical use cases. In this work, we outline a potential blockchain use case for tracking financial transactions across multiple financial institutions. We show the downsides of traditional centralized approaches and that blockchain approaches fail to give all the privacy and accessibility required for this use case. Thus we propose a novel blockchain architecture to support our use case. This novel architecture combines the ease of use of public blockchains with the privacy of private blockchains by allowing users to create personal blockchains. We believe this novel personal blockchain architecture will lead to more blockchain adoption, particularly in use cases handling private data.