A preliminary study for the risk of probabilistic blockchain protocols

Sello, Buti and Tao, Xiaohui ORCID: https://orcid.org/0000-0002-0020-077X and Yong, Jianming (2019) A preliminary study for the risk of probabilistic blockchain protocols. In: 6th International Conference on Behavioral, Economic and Socio-Cultural Computing (BESC 2019), 28-30 Oct 2019, Beijing, China.


Abstract

Abstract:
Blockchain as an emergent technology is quickly gaining ground as a decentralised distributed trustless database in the form of a linked-list data structure. This paper discusses the non-deterministic nature of public blockchain consensus protocols and argues that the probabilistic validity of a new block does not provide adequate guarantees of accuracy and integrity which in the case of cryptocurrencies could result in quite substantial asset losses. The contribution this paper adds is to spark a new line of thinking in regards to the validity of data in blockchains.


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Item Type: Conference or Workshop Item (Commonwealth Reporting Category E) (Paper)
Refereed: Yes
Item Status: Live Archive
Additional Information: © 2019 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works.
Faculty/School / Institute/Centre: Historic - Faculty of Business, Education, Law and Arts - School of Management and Enterprise (1 Jul 2013 - 17 Jan 2021)
Faculty/School / Institute/Centre: Current - Faculty of Health, Engineering and Sciences - School of Sciences (6 Sep 2019 -)
Date Deposited: 24 Jul 2020 04:56
Last Modified: 09 Oct 2020 04:37
Uncontrolled Keywords: consensus protocol, mining pool, deterministic consensus protocol, hash power, public blockchain, distributed systems
Fields of Research (2008): 08 Information and Computing Sciences > 0806 Information Systems > 080699 Information Systems not elsewhere classified
Socio-Economic Objectives (2008): E Expanding Knowledge > 97 Expanding Knowledge > 970108 Expanding Knowledge in the Information and Computing Sciences
Identification Number or DOI: https://doi.org/10.1109/BESC48373.2019.8963205
URI: http://eprints.usq.edu.au/id/eprint/38696

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