Consistency Analysis of Distributed Ledgers in Fog-Enhanced Blockchains

Kertész, Attila; Baniata, Hamza

doi:10.1007/978-3-031-06156-1_31

Cited by 9 publications

(3 citation statements)

References 21 publications

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“…Accessed on 15 September 2022.) enable Ethereum to achieve latencies (Kertesz and Baniata [19] demonstrate that there is a tradeoff between validators' computational abilities and network latencies.) and fees similar to Solana?…”

Section: Discussionmentioning

confidence: 99%

An Event Study of the Ethereum Transition to Proof-of-Stake

Kapengut

Mizrach

2023

Commodities

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On 15 September 2022, the Ethereum network adopted a proof-of-stake (PoS) consensus mechanism. We study the impact on the network and competing platforms in a two month event window around the Beacon chain merge. We find that the transition to PoS has reduced energy consumption by 99.98%. Miners have not transformed into validators, and total block reward income (in USD) has fallen by 97%, though transaction fees (in ETH) for Ether have increased nearly 10%. The Herfindahl index for the top 10 is 1009; the network is 19% less concentrated after the merge. Ethereum supply growth has been deflationary since the merge. The time between consecutive blocks is now steady at 12 s and transactions per day are up 7.0%. On Polygon, Matic fees rose but token fees fell. Polygon also slows, processing 3.3% fewer transactions per day. Solana’s fees fall by $0.0003, and transactions per day are down 48%. Stablecoin transfer volumes fall on Ethereum and Polygon, but rise on Solana.

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Section: Discussionmentioning

confidence: 99%

An Event Study of the Ethereum Transition to Proof-of-Stake

Kapengut

Mizrach

2023

Commodities

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“…Distributed ledger consistency implies that no two nodes are in agreement, to ensure that they decide differently [56]. This is hard to achieve in Blockchain-based applications for both agreement on the valid blocks and the order of those blocks.…”

Section: Consistencymentioning

confidence: 99%

A Blockchain Self-Sovereign Identity for Open Banking Secured by the Customer’s Banking Cards

et al. 2023

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Open finance is evolving and extending open banking. This creates a large context that implies a financial and identity data exchange paradigm, which faces challenges to balance customer experience, security, and the self-control over personal identity information. We propose Self-Sovereign Banking Identity (SSBI), a Blockchain-based self-sovereign identity (SSI) to secure private data sharing by utilizing trusted customer’s banking cards as a key storage and identity transaction-signing enclave. The design and implementation of the SSI framework is based on the Veramo SDK and Ethereum to overcome the limitation of signing curve availability on the current banking Java Cards needed for Hyperledger Indy. SSBI uses the elliptic curve SECP256K1 for transaction signing, which exists for several payment cards in the market. SSBI enables automated financial services and trust in the service provider communication. This work analyzes the flow and framework components, and evaluates the usability, integration, and performance in terms of throughput, latency, security, and complexity. Furthermore, the proposed approach is compared with related solutions. The presented prototype implementation is based on a test Ethereum network and signing transactions on the banking card. The preliminary results show that SSBI provides an effective solution for integrating the customer’s banking cards to secure open banking identity exchange. Furthermore, it allows the integration of several scenarios to support trusted open banking. The Blockchain layer settings need to be scaled and improved before real-world implementation.

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“…This usually causes a fluctuation of latency measures among different permissioned BC solutions and even for differently parameterized solutions. Such issues mainly appear due to several system properties and limitations, such as the minimum time needed to reach a consensus on a piece of data (i.e., the finality time), the average transmission delay between network entities, the total network size, and the average number of neighbors per miner [13]. This being said, researchers and practitioners tend to model their applications and test several BC solutions for a decision to be made regarding the deployment of a specific BC framework.…”

Section: Introductionmentioning

confidence: 99%

Latency Analysis of Blockchain-Based SSI Applications

2022

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Several revolutionary applications have been built on the distributed ledgers of blockchain (BC) technology. Besides cryptocurrencies, we can find many other application fields in smart systems exploiting smart contracts and Self Sovereign Identity (SSI) management. The Hyperledger Indy platform is a suitable open-source solution for realizing permissioned BC systems for SSI projects. SSI applications usually require short response times from the underlying BC network, which may vary highly depending on the application type, the used BC software, and the actual BC deployment parameters. To support the developers and users of SSI applications, we present a detailed latency analysis of a private permissioned BC system built with Indy and Aries. To streamline our experiments, we developed a Python application using containerized Indy and Aries components from official Hyperledger repositories. We deployed our experimental application on multiple virtual machines in the public Google Cloud Platform and on our local, private cloud using a Docker platform with Kubernetes. We evaluated and compared their performance with the metrics of reading and writing response latency. We found that the local Indy ledger reads 30–50% faster, and writes 65–85% faster than the Indy ledger running on the Google Cloud Platform.

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Consistency Analysis of Distributed Ledgers in Fog-Enhanced Blockchains

Cited by 9 publications

References 21 publications

An Event Study of the Ethereum Transition to Proof-of-Stake

An Event Study of the Ethereum Transition to Proof-of-Stake

A Blockchain Self-Sovereign Identity for Open Banking Secured by the Customer’s Banking Cards

Latency Analysis of Blockchain-Based SSI Applications

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