A Private Blockchain Implementation Using Multichain Open Source Platform

Ismailisufi, Aida; Popović, Tomo; Gligorić, Nenad; Radonjić, Sanja; Šandi, Stevan

doi:10.1109/it48810.2020.9070689

Cited by 47 publications

(19 citation statements)

References 2 publications

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“…Despite its promising prospects, blockchain technology has encountered some fundamental limitations over the course of its development. Real-world applications demand for secure inter-communication between heterogeneous blockchain systems; for instance, for transferring different assets, product lifecycle management [5], etc.. Several works (e.g., [6], [7]) implemented two-way pegged sidechains that enable bidirectional movement of assets and cross-chain communication between Proof of Work (PoW) sidechains, without the need for a trusted third party intermediary. Back et al (2014) [6] implemented a two-way peg between Bitcoin and other sidechains, such that: (a) transfers are atomic; and, (b) there should be zero risk to the other party.…”

Section: Related Workmentioning

confidence: 99%

Analysis of Polkadot: Architecture, Internals, and Contradictions

Abbas¹,

Caprolu²,

Pietro³

2022

Preprint

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Polkadot is a network protocol launched in 2020 with the ambition of unlocking the full potential of blockchain technologies. Its novel multi-chain protocol allows arbitrary data to be transferred across heterogeneous blockchains, enabling the implementation of a wide range of novel use cases. The Polkadot architecture is based on the principles of sharding, which promises to solve scalability and interoperability shortcomings that encumber many existing blockchain-based systems. Lured by these impressive features, investors immediately appreciated the Polkadot project, which is now firmly ranked among the top 10 cryptocurrencies by capitalization (around 20 Billions USD). However, Polkadot has not received the same level of attention from academia that other proposals in the crypto domain have received so far, like Bitcoin, Ethereum, and Algorand, to cite a few. Polkadot architecture is described and discussed only in the grey literature, and very little is known about its internals. In this paper, we provide the first systematic study on the Polkadot environment, detailing its protocols, governance, and economic model. Then, we identify several limitations-supported by an empirical analysis of its ledger-that could severely affect the scalability and overall security of the network. Finally, based on our analysis, we provide future directions to inspire researchers to investigate further the Polkadot ecosystem and its pitfalls in terms of performance, security, and network aspects.

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Section: Related Workmentioning

confidence: 99%

Analysis of Polkadot: Architecture, Internals, and Contradictions

Abbas¹,

Caprolu²,

Pietro³

2022

Preprint

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“…• Multichain 6 also presents a viable alternative for a private blockchain network [24], again not suitable for Edge devices [24]. Moreover, it is primarily focused on facilitating transactions of cryptocurrency, and assets.…”

Section: Available Blockchain Solutionsmentioning

confidence: 99%

A Blockchain-based Edge Computing Architecture for the Internet of Things

Tošić¹,

Vičič²,

Burnard³

et al. 2022

Preprint

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The Internet of Things (IoT) is experiencing widespread adoption across industry sectors ranging from supply chain management to smart cities, buildings, and health monitoring. However, most software architectures for IoT deployment rely on centralized cloud computing infrastructures to provide storage and computing power, as cloud providers have high economic incentives to organize their infrastructure into clusters. Despite these incentives, there has been a recent shift from centralized to decentralized architecture that harnesses the potential of edge devices, reduces network latency, and lowers infrastructure cost to support IoT applications. This shift has resulted in new edge computing architectures, but many still rely on centralized solutions for managing applications. A truly decentralized approach would offer interesting properties required for IoT use cases. To address these concerns, we introduce a decentralized architecture tailored for large scale deployments of peer-to-peer IoT sensor networks and capable of run-time application migration. The solution combines a blockchain consensus algorithm and verifiable random functions to ensure scalability, fault tolerance, transparency, and no single point of failure. We build on our previously presented theoretical simulations with many protocol improvements and an implementation tested in a use case related to monitoring a Slovenian cultural heritage building located in Bled, Slovenia.

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“…Multichain is a platform with the application of blockchain technology [22]. Multichain can be applied in all systems in various industries or companies [22,23]. Multichain has a structure by having one node in its implementation [24].…”

Section: Multichain Platformmentioning

confidence: 99%

Blockchain Technology for Tracing Drug with a Multichain Platform: Simulation Method

Fernando¹,

Meyliana²,

Warnars³

et al. 2021

Adv. sci. technol. eng. syst. j.

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This study builds the implementation of the traceability process by conducting simulation tests using business process simulations with the implementation of blockchain technology to track drugs. This research focus involved stakeholders, including the pharmaceutical industry, pharmaceutical wholesalers (distributors/wholesalers), health services (drug stores, hospitals), consumers. Simulation methods are used to describe the distribution and traceability of drugs. Finally, the research contribution in incorporating blockchain technology to supply chain management could potentially help in drug traceability. This study provides an overview of blockchain technology capabilities to find out which stakeholders and assets are transacted on the blockchain system. A decentralized Autonomous Organization is an approach to organizing data on the blockchain that defines all stakeholders identities associated with different addresses. This process can organize each address's transactions on a special blockchain platform in this study using multichain. Furthermore, transactions that have occurred cannot be updated or deleted. This simulation also illustrates some of the blockchain characteristics that must exist, among others, transparent, distributed, immutable, and peer to peer transactions. This contribution gives supply chain management, in particular on drug distribution, stronger control over distribution.

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A Private Blockchain Implementation Using Multichain Open Source Platform

Cited by 47 publications

References 2 publications

Analysis of Polkadot: Architecture, Internals, and Contradictions

Analysis of Polkadot: Architecture, Internals, and Contradictions

A Blockchain-based Edge Computing Architecture for the Internet of Things

Blockchain Technology for Tracing Drug with a Multichain Platform: Simulation Method

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