Blockchain technology: possible methods of transaction validation and version consensus

EasyChair Preprint 99

Abstract

An article contains the overview of blockchain technology, major principals of its programming. Blockchain is the data structure consisted of blocks where every next block is strictly connected with previous one by including its hashcode as property. Every blockchain is also implements the decentralized storage of data. Several critical aspects are analyzed: optimal solutions for transaction validation and algorithms of consensus between nodes in blockchain decentralized network. The validation may be organized by storing the transactions data in the separate nodes and by including the “bookkeeper” class designed to review the transactions and validate it. Alternative approach is to make the transaction ”self-validating”, so it is always consists entire data required for validation. There are several ways for reaching the consensus across network about which version of blockchain is consider as correct one. Simple rule of ”longest and late  prevails” is suitable for small, non-scalable projects, while rule of “50%+1” needs to be implemented for larger ones. Non of those solves the problem of wasting of resources, so this aspect remains a subject for further research and testing.

Keyphrases: Algorithms, Blockchain, Validation

@booklet{EasyChair:99,
  author    = {Brylov Alexandr and Ostrovskaya Kate and Mikhalyov Alexandr},
  title     = {Blockchain technology: possible methods of transaction validation and version consensus},
  howpublished = {EasyChair Preprint 99},
  year      = {EasyChair, 2018}}