Open this publication in new window or tab >>2024 (English)In: Journal of Wireless Mobile Networks, Ubiquitous Computing, and Dependable Applications (JoWUA), ISSN 2093-5374, Vol. 15, no 2, p. 286-308Article in journal (Refereed) Published
Abstract [en]
Conventional approaches to agreeing on transactions in monetary systems rely on trusted central authorities. Blockchain defies this model by achieving consensus through a community of peers in a decentralized network for validating transactions and maintaining an ordered record of transactions. The application domains for blockchain have expanded from cryptocurrencies to potentially any industrial system. However, there is still a lot of confusion regarding the advantage of using the blockchain instead of alternative technologies. The number of successfully deployed blockchain-based systems is still relatively small due to the lack of clarity regarding blockchain governance and the challenge of assessing the tradeoffs of blockchain-based solutions. As there are different types of blockchains, such as permissionless and permissioned, it often becomes hard to choose a suitable solution for a specific use case scenario. In this paper, we address these challenges by analyzing blockchain governance and related tradeoffs, including energy consumption, consensus, performance, and security. We contribute with a taxonomy guideline to provide insights on these tradeoffs and to facilitate effective identification of the suitable governance structure for blockchain-based solutions in various scenarios. The proposed taxonomy discusses different features of blockchain that includes energy consumption, consensus methods, performance, and security aspects to suggest the governance model (permissionless/permissioned/consortium) for a blockchain-based solution. Furthermore, this paper provides a tradeoff analysis of different consensus methods, such as PoW, PoS, PBFT, and PoA, considering important properties.
Place, publisher, year, edition, pages
Seoul, Republic of Korea: Innovative Information Science & Technology Research Group (ISYOU), 2024
Keywords
Blockchain taxonomy, Consensus, Double spending, Scalability, Smart contract, Transaction verification
National Category
Computer Sciences
Research subject
Cyber-Physical Systems; Cyber Security
Identifiers
urn:nbn:se:ltu:diva-96356 (URN)10.58346/JOWUA.2024.I2.019 (DOI)2-s2.0-85201696806 (Scopus ID)
Projects
Cloudberry Datacenters
Funder
Swedish Energy Agency, 43090-2
Note
Validerad;2024;Nivå 1;2024-08-07 (hanlid);
Full text license: "Authors/employers may reproduce or authorize others to reproduce the Work, material extracted verbatim from the Work, or derivative works for the author’s personal use or for company use, provided that the source and the JoWUA copyright notice are indicated, the copies are not used in any way that implies the JoWUA endorsement of a product or service of any employer, and the copies themselves are not offered for sale."
2023-12-012023-04-112025-10-21Bibliographically approved