A High-throughput and Secure Coded Blockchain for IoT

TL;DR

This paper introduces a secure, high-throughput coded blockchain scheme tailored for IoT networks, utilizing optimized transaction selection, lightweight consensus, and Raptor codes to enhance efficiency and security.

Contribution

The paper presents a novel coded blockchain scheme for IoT that improves security, throughput, and storage efficiency through optimized transaction modeling, lightweight consensus, and Raptor codes.

Findings

Outperforms Polyshard and LCB in security and throughput

Reduces storage requirements with linear-time encoding/decoding

Achieves higher decentralization and security in IoT blockchain

Abstract

We propose a new coded blockchain scheme suitable for the Internet-of-Things (IoT) network. In contrast to existing works for coded blockchains, especially blockchain-of-things, the proposed scheme is more realistic, practical, and secure while achieving high throughput. This is accomplished by: 1) modeling the variety of transactions using a reward model, based on which an optimization problem is solved to select transactions that are more accessible and cheaper computational-wise to be processed together; 2) a transaction-based and lightweight consensus algorithm that emphasizes on using the minimum possible number of miners for processing the transactions; and 3) employing the raptor codes with linear-time encoding and decoding which results in requiring lower storage to maintain the blockchain and having a higher throughput. We provide detailed analysis and simulation results on the proposed scheme and compare it with the state-of-the-art coded IoT blockchain schemes including Polyshard and LCB, to show the advantages of our proposed scheme in terms of security, storage, decentralization, and throughput.