Performance Analysis of Reputation based Proof of Credibility Consensus Mechanism for Blockchain based Applications

Abstract

Blockchain is a decentralized transaction and data management technology first developed for the Bitcoin cryptocurrency. Blockchain technology is gaining popularity due to its core attributes which provides security, anonymity and data integrity without any involvement of third party. Consensus mechanism is a procedure by which all peers in the blockchain network agrees to a common agreement on the current state of the distributed ledger. It plays vital role in increasing efficiency of any blockchain environment. Though we have many consensus mechanisms working currently in different areas but they still lack in parameters like status of validators, latency, node failure etc. In Our proposed algorithm Proof of credibility, we have tried to incorporate all above factors in it. We have also implemented two or more factors of proposed algorithm and have evaluated and compared with existing consensus algorithm. In future research we aim to implement RPoC in any blockchain network and then we will evaluate it in terms of different evaluation parameters such as performance, security, scalability.