Framework for dynamic block sizing in secured and efficient transaction systems

Abstract

In the age of the Internet of Things (IoT), secure online payment systems are crucial, especially in the banking sector. This study introduces an innovative hybrid access control-enabled consensus algorithm within a checkpoint-enabled blockchain model designed for secure banking transactions. Utilizing smart contracts and an advanced consensus algorithm, the model establishes a robust network security framework while expediting transaction processes. Incorporating checkpoints ensures secure block mining, boosting network security and scalability. Smart contracts automate transaction agreements, significantly reducing processing time. The algorithm offers tailored access control, exclusively authorizing legitimate users. To validate the model, metrics such as transaction recovery time, memory usage, and responsiveness were measured for varying block sizes. Results demonstrated notable efficiency with reduced transaction recovery time (10.88 ms), minimal memory usage (108.17 kb), and enhanced responsiveness (33.55 ms) compared to existing methods. Implementing this model can enhance user trust, safeguard data, and streamline transactions, contributing to a more secure and seamless banking experience for all stakeholders.