Optimizing blockchain scalability: Performance evaluation of consensus algorithms

Abstract

Blockchain is an efficient method to manage and secure data, but scalability remains a limitation. The proposed work concentrates on a novel consensus algorithm, Proof of Useful Work-Authorization-Storage Availability. It underlines the challenges of scalability and trust issues on blockchain-based smart contracts. The primary step in the proposed technique is to verify authorization by the hash code of the preceding block to generate a digital signature. After information is legitimized, check whether enough storage space is available or not. Transactions are recorded to a block only after validation, and if there is enough storage capacity. Finally, a transaction is available in a block only after it has been mined. To measure the proposed consensus performance in terms of energy consumption, latency, and transaction throughput, the Python and Solidity programming languages are used. The proposed work reduced computational energy by 39% and had a 17% improvement in transactional through-put, followed by limiting the network’s latency by 49% when compared with the proof of useful work consensus algorithm. This proves that the improved consensus gave clarity on how to scale without compromising security or decentralization. The contribution of this work is useful when efficient node selection is in a consensus layer.