Proposing A Modified Proof of Stake System to Counter 51% Attack in Blockchain

Abstract

Blockchain technology has revolutionized many sectors in the past few years. From its application in health care, digital currencies to building smart cities, many sectors have incorporated blockchain based mechanisms to produce better and efficient solutions to many of their long-lasting problems. The technology itself is fast and the reliance of some sectors on it has improved the overall performance of the applications. One of the most important and sought after applications of blockchain is in digital currencies. Cryptocurrencies are used in many different areas now a days and have become the go to investment destination for many individuals. Although blockchain is secured but it has many underlying security issues which need to be addressed to make this emerging technique more reliable. One of the issues with blockchain is double spending or 51% attack in which the miners authenticate suspicious transactions which result in heavy loss. In this paper, a new consensus mechanism called Modified Proof of Stake to defy 51% attack in blockchain is proposed.