Insights of Security Approach on Payment System using Blockchain

Abstract

Blockchain-based crypto currencies have recently attracted a lot of attention due to their potential uses in a variety of fields. One of these applications is the IoT area, which can use crypto currencies for micropayments without losing their payment privacy. However, the popularity of crypto currency-based micropayments is hampered by long transaction confirmation times and relatively high costs. Payment channel networks are one of the proposed methods to overcome these issues, in which nodes create payment channels without publishing to the blockchain. As long as IoT devices can sustain their overhead, they can benefit from such payment networks. When it comes to the routing difficulty, payment channel networks have their own set of characteristics. They should, in particular, maintain a balanced network in order to continue payments for extended periods of time, which is critical for IoT devices once they are installed. In this study, This paper offer a payment channel network design that uses a common weight strategy across the network to maintain the channels balanced. For unbalanced payment scenarios, we also recommend establishing multipoint connections to nodes for each IoT device. In comparison to the minimal fee approach, the experiment results suggest that keep the network channels more evenly balanced. Furthermore, various connections from IoT devices to the nodes enhance the success ratio significantly.