Abstract

Blockchain technology and other distributed ledger systems fill an important role in resilient data storage and publication. However, their normally-decentralized methods also bring unique challenges distinct from more traditional approaches. One lies in the replication of data between participating nodes; since no individual node is more trusted than any other, each node maintains its own copy of the entire ledger for the purposes of validating new transactions. Improving how this information is stored and more importantly, how it propagates across the network, are open research questions. In this work, we propose Velocity, a novel block propagation approach based on fountain codes, allowing for better decentralized delivery of blocks and reduced network bottlenecks without sacrificing the security guarantees of the blockchain ledger itself. We also provide an assessment of economic incentives and their impact on participant behavior, showing that the proposed approach is financially beneficial to rational actors. We conclude by showing experimentally that this approach permits for the mining of even larger blocks, thereby increasing transaction throughput of the system compared to existing state of the art methods.

Original languageEnglish (US)
Title of host publicationICBC 2019 - IEEE International Conference on Blockchain and Cryptocurrency
PublisherInstitute of Electrical and Electronics Engineers Inc.
Pages447-454
Number of pages8
ISBN (Electronic)9781728113289
DOIs
StatePublished - May 2019
Event1st IEEE International Conference on Blockchain and Cryptocurrency, ICBC 2019 - Seoul, Korea, Republic of
Duration: May 14 2019May 17 2019

Publication series

NameICBC 2019 - IEEE International Conference on Blockchain and Cryptocurrency

Conference

Conference1st IEEE International Conference on Blockchain and Cryptocurrency, ICBC 2019
CountryKorea, Republic of
CitySeoul
Period5/14/195/17/19

Keywords

  • cryptography
  • data transfer
  • online banking
  • protocols

ASJC Scopus subject areas

  • Business, Management and Accounting (miscellaneous)
  • Management of Technology and Innovation
  • Computer Networks and Communications
  • Information Systems and Management
  • Safety, Risk, Reliability and Quality

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  • Cite this

    Chawla, N., Behrens, H. W., Tapp, D., Boscovic, D., & Candan, K. S. (2019). Velocity: Scalability Improvements in Block Propagation Through Rateless Erasure Coding. In ICBC 2019 - IEEE International Conference on Blockchain and Cryptocurrency (pp. 447-454). [8751427] (ICBC 2019 - IEEE International Conference on Blockchain and Cryptocurrency). Institute of Electrical and Electronics Engineers Inc.. https://doi.org/10.1109/BLOC.2019.8751427