Optimizing the Energy Consumption of Blockchain-Based Systems Using Evolutionary Algorithms: A New Problem Formulation

Alofi, Akram; Bokhari, Mahmoud A.; Bahsoon, Rami; Hendley, Bob

doi:10.1109/tsusc.2022.3160491

Cited by 23 publications

(6 citation statements)

References 57 publications

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“…A scaling coefficient greater than 1 is added to the numerator on the righthand side of Equation ( 2) due to the pseudo-random nature of the hash function, indicating that inequality (2) holds in a statistical sense only. Factors such as computing power fluctuation, environmental influence, and uncertainty of transmission time can influence the computational result of the left side of inequality (2). Hence, the inclusion of the scaling coefficient can effectively enhance the successful generation rate of new blocks.…”

Section: Trusted Transmission Scheme For Electric Power Real-time Datamentioning

confidence: 99%

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Research of trusted real‐time electrical data transmission mechanism based on Parallel Proof of Work algorithm

Yiming,

Dongliang,

Yuxuan

et al. 2023

The Journal of Engineering

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Secure and reliable electricity supply is a prerequisite for the development of smart cities, and the trustworthy and efficient transmission of electrical data is the foundation for the safe and stable operation of the power grid. This paper introduces a real‐time data transmission blockchain technique based on parallel proof of work algorithm. The new block generation process of proposed blockchain is divided into five subroutines: hash pointer computation, real‐time data pudding, signature value iteration, interruption, block header assembly. The real‐time data pudding and signature value iteration are parallel processed, which brings the effect of decreasing energy loss of blockchain system, and enhances the speed of new block generation and the bandwidth of data storage on blockchain. Computer simulation shows the proposed strategy can be effectively applied in real‐time electrical data transmission application, raising the data transmission reliability with no harm to real‐time data transfer function. This strategy provides a solution to guarantee data transmission safety in the digital conversion of power grid.

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Section: Trusted Transmission Scheme For Electric Power Real-time Datamentioning

confidence: 99%

“…This method also ensures the security and decentralization of the Bitcoin system. However, it suffers from significant energy consumption [1][2][3]. Furthermore, as the difficulty of generating new blocks in the network increases, some smaller computational power nodes tend to exit the Bitcoin system.…”

Section: Introductionmentioning

confidence: 99%

Research of trusted real‐time electrical data transmission mechanism based on Parallel Proof of Work algorithm

Yiming,

Dongliang,

Yuxuan

et al. 2023

The Journal of Engineering

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“…The authors in [145] propose an offline optimization solution to reduce energy consumption. Others have proposed Green-PoW [146] by utilizing the energy spent during block mining to elect a small number of miners that will exclusively mine the next block.…”

Section: Challengesmentioning

confidence: 99%

A Survey of Blockchain Applications in the FinTech Sector

Renduchintala

Alfauri

Yang

et al. 2022

Journal of Open Innovation: Technology, Market, and Complexity

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FinTech has proven its true potential in traditional financial offerings by delivering digital financial services to individuals worldwide. The pandemic has accelerated how people interact with financial services and has resulted in long-term changes to societies and economies. FinTech has expanded access to financial services and has made such changes possible. FinTech or Financial Technology refers to using new technologies for financial services. Artificial Intelligence, Blockchain, and cloud computing are a few technologies currently being applied to FinTech. In this paper, we consider FinTech, which partly uses blockchain technology. Blockchain technology plays a vital role in the financial sector as it ultimately lifts trust and the need for third-party verification by using consensus-based verification. This survey provides a comprehensive summary of the most relevant blockchain-based FinTech implementations and an overview of FinTech sectors and segments. For each segment, we provide a critique and a discussion on how each blockchain implementation contributes to solving the majority of problems faced by FinTech companies and researchers. This research aims to direct the future of financial solutions by providing an outline of the applications of blockchain technology and distributed ledger technology (DLT) for FinTech. We discuss various implementations, limitations, and challenges of blockchain-based FinTech applications. We conclude this work by exploring possible strengths, weaknesses, opportunities, and threats (SWOT) analysis and future research directions.

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“…Challenges also arise from the transaction charges required to preserve the decentralised blockchain's integrity. Few studies have accepted mathematical proof and predicted that blockchain emissions could contribute to global warming (Mora et al, 2018a;Alofi et al, 2022;Dogan, Majeed, and Luni 2022) and that it uses more energy to produce an equivalent market value as mineral mining (Krause and Tolaymat 2018). Foteinis (2018) explored the blockchain carbon footprint.…”

Section: Research Motivationmentioning

confidence: 99%

Carbon emission and cost of blockchain mining in a case of peer-to-peer energy trading

Coutinho¹,

Wongthongtham

Abu-Salih

et al. 2022

Front. Built Environ.

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Blockchain is an emerging technology that has demonstrated great uptake potential in Peer-to-Peer (P2P) energy trading. The revolution of blockchain brings substantial benefits and innovation to sustainability energy transitions through P2P trading. Blockchain enables energy commodities to be traded. However, perceptions of this technology’s impact on the environment and its associated costs have garnered recent adverse publicity. This paper aims to look at the linkages between blockchain technology and energy systems in terms of blockchain power consumption against blockchain advantage over renewable energy transitions via peer-to-peer energy trading. The amount of energy used and carbon released during the blockchain validation process is estimated, and the cost of blockchain is computed to assess its economic benefit in a peer-to-peer energy trading scenario. Real data from running peer-to-peer energy trading systems are used, and numerous insights on the transformation of peer-to-peer energy trading utilising various blockchain scaling methods are provided. Based on the analysis, this paper concludes that the cost of processing trading transactions is lower using blockchain than current coordination costs. Also, blockchain-based energy can be traded more frequently than current regulations allow in order to reap the full benefits of renewable energy. A secure blockchain-enabled P2P trading environment would lead to fair rates for energy providers and prosumers resulting in stimulating the renewable energy market.

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Optimizing the Energy Consumption of Blockchain-Based Systems Using Evolutionary Algorithms: A New Problem Formulation

Cited by 23 publications

References 57 publications

Research of trusted real‐time electrical data transmission mechanism based on Parallel Proof of Work algorithm

Research of trusted real‐time electrical data transmission mechanism based on Parallel Proof of Work algorithm

A Survey of Blockchain Applications in the FinTech Sector

Carbon emission and cost of blockchain mining in a case of peer-to-peer energy trading

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