Optimizing the Consensus Algorithm of Blockchain in the Internet of Vehicles

Abstract

In this paper, a blockchain consensus algorithm tailored to Internet of Vehicles (IoV) environment is proposed to solve the deficiencies of traditional consensus algorithms such as high latency, low throughput and excessive resource consumption. The proposed approach adopts a hybrid consensus algorithm, which combines the Delegated Proof of Stake (DPoS) algorithm with the Practical Byzantine Fault Tolerance (PBFT) algorithm. This hybrid algorithm elects representative nodes via a voting mechanism to execute the verification process. Simulation results demonstrate that the consensus algorithm delineated in this paper outperforms traditional consensus algorithms in terms of latency and throughput, rendering it better suited for IoV-related scenarios.