[KSCI] Korea Science Citation Index Service

http://dx.doi.org/10.9708/jksci.2021.26.12.099

A Study on Modification of Consensus Algorithm for Blockchain Utilization in Financial Industry

Im, Hong-Gab (Dept. of Multimedia, Kimpo University)

Publication Information

Journal of the Korea Society of Computer and Information / v.26, no.12, 2021 , pp. 99-104 More about this Journal

Abstract

Blockchain technology is a distributed ledger technology that shares the ledger between multiple nodes connected to a distributed network. The data managed through the existing central server is managed through the blockchain, and the transparency, accuracy, and integrity of the transaction data is increased, and the need for data management through the blockchain is increasing. In this paper, recognizing the need for trust-based data sharing between trust-based institutions in the financial industry, this paper describes the process of selecting leader nodes in Raft, a private blockchain consensus algorithm, as a way to increase data management efficiency through blockchain. A modified consensus algorithm is presented. The performance of the modified consensus algorithm and the general Raft consensus algorithm presented in this paper was compared and analyzed based on the transaction processing time, and it was confirmed that the efficiency of the consensus process was increased by applying the proposed consensus algorithm.

Keywords

Blockchain; financial industry; Consensus algorithm; Raft;

Citations & Related Records

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