MuSelect Chain: trusted decentralized mutual selection through blockchain

Abstract

Mutual selection (the process of two types of objects choosing each other) often occurs in practical applications, such as those concerning financial credit. Considering the increasing demands for credibility, traditional artificial methods often cannot satisfy the corresponding requirements for security and transparency. Blockchain technology has the characteristics of decentralization, traceability, transparency, and being tamper-resistant, making it a potential method for solving the abovementioned problems. However, the existing consensus algorithms have some shortcomings in terms of efficiency, fault tolerance, security, and other relevant aspects, rendering them unsuitable for direct implementation in a mutual selection scenario. In this study, a system for mutual selection operations, denoted as “MuSelect Chain," is established. First, the institution information initialization method on blockchain is developed via a smart contract, ensuring the authenticity of information stored on the chain. Second, a mutual selection relationship confirmation algorithm is designed to ensure a reliable automated mutual selection process. Next, considering the characteristics of nodes participating in the network, a consensus algorithm called “Proof-of-Leadership” is proposed to ensure consistency of information stored by different nodes on the chain. Subsequently, an incentive mechanism is established with the focus on improving MuSelect Chain efficiency. Finally, a MuSelect Chain prototype is built. Simulation results prove that the proposed MuSelect Chain is secure with strong fault tolerance.