Random Mining Group Selection Technique for Security and Efficiency of Blockchain Network

Abstract

Blockchain is a distributed data management technique that does not require a trusted third party (TTP), and is a technology in which all users participating in the block chain commonly copy and store data to prevent data manipulation. Starting with cryptocurrency, there are many attempts to introduce it to various fields and has been attracting attention as one of the key technologies to lead the 4th industrial revolution. Bitcoin, the first implementation of blockchain, has the feature that solve double-spending problem of a conventional peer-to-peer (P2P) transaction system without an intermediary such as a bank. Bitcoin follows a proof-of-work (PoW) consensus algorithm to ensure the reliability of the distributed network. This algorithm determines the mining ability according to the hash calculation ability of the hardware owned by the network participant. Those who contribute to mining by using their own computing power are given the authority of block generation and rewards for that, which is called mining. However, PoW based mining method involves a lot of energy consumption and is vulnerable to 51\% attack through hash power monopoly. In this thesis, we propose a new mining technique to overcome the shortcomings of the above mining method. The proposed research is expected to contribute significantly to improve security and efficiency in future blockchain networks.