Enhancing Transaction Speed of Blockchain System via Parallel Proof of Work

Abstract

Blockchain is an online distributed and decentralised ledger system that records transactions and maintains an eternal, verifiable record set of data. While blockchain is employed in many domains, its application in the financial sector is still in its infancy. In this sector, consensus algorithms are used in numerous forms for transaction verification, such as in Bitcoin, Ethereum, Litecoin, etc. Many resources and time are needed for this process. Using concurrent mining instead of solo mining is one way to solve this issue. The main goal of parallel miming is to ensure that the effort required to solve and verify a given block is not shared by more than two processes. In this book, we present several consensus algorithms used to various cryptocurrencies with various blockchain types, explain the bitcoin mining process, and attempt to employ parallel proof of work to accelerate the transaction verification process.