SocChain: Blockchain with Swift Proportional Governance for Bribery Mitigation

Abstract

Blockchain governance is paramount to lead securely a large group of users towards the same goal without disputes about the legitimacy of a blockchain instance over another. As of today, there is no efficient way of protecting this governance against an oligarchy. This paper aims to offer a new dimension to the security of blockchains by defining the swift proportional governance problem. This problem is to rapidly elect governance users that proportionally represent voters without the risk of dictatorship. We then design and implement an open permissioned blockchain called Soc-Chain (Social Choice Blockchain) that mitigates bribery by building upon results in social choice theory. We deploy SocChain and evaluate our new multi-winner election DApp running on top of it. Our results indicate that, using our DApp, 150 voters can elect a proportionally representative committee of 150 members within 5 minutes. Hence we show that SocChain can elect as many representatives as members in various global organizations.

Integrating blockchain into global finance: a case study of SWIFT's strategic collaboration with Chainlink

“…Blockchain technology has been explored and proposed to improve various aspects of the financial sector, including interaction with the SWIFT network, which is crucial for communication between financial institutions worldwide. A series of studies (Tennakoon & Gramoli, 2022;Dubey, Gunasekaran, Bryde, Dwivedi, & Papadopoulos, 2020;Qiu, Zhang, & Gao, 2019) discussed how blockchain can be integrated or used in conjunction with the SWIFT network to improve efficiency, trust, and security in global financial transactions.…”