A study on the design of efficient private blockchain

Abstract

Blockchain is the key innovative new technology of the future for which interest is being increased domestically and overseas as an icon of innovation to change the existing business process. The Blockchain has started as a public Blockchain first, allowing anybody to participate in the Blockchain network to view all history, and anybody to verify transaction history. However, as proved by bitcoin, the open-type distributed ledger has several technical and positive problems. There exist several disadvantages where much resource should be incorporated to maintain and manage the network with unspecified many participating, internal information is disclosed, processing speed is slow, and anonymity of transactions should be guaranteed, etc. The private Blockchain technology that overcomes such limitations and configures a distributed network with only certified participants as the subject is being magnified. In the present article, issues of a reliable private Blockchain will be derived and design measures be proposed to make a contribution so as to enable safe utilization in the environment of P2P distributed network.