RandAdminSuite: A New Privacy-Enhancing Solution for Private Blockchains

Abstract

Blockchain is an innovative technology which is used by cryptocurrencies as a public, immutable ledger for recording transactions, while more recent versions of Blockchain can also record smart contracts and other assets. Blockchain can be viewed as a distributed platform that holds transactional records without the involvement of a central authority, and where ensuring decentralization, transparency and security is of paramount importance. But the transparency requirement, absolutely necessary for improving trust among the blockchain’s users, came with a price: lack of privacy. In most of the blockchains which are based on Bitcoin’s Blockchain, anyone can query the blockchain and see all the transactions. This introduces a privacy issue which needs to be addressed. Although there are a few solutions for mitigating the privacy concern, we consider that true anonymity must be built-in, not added on trough extensions to the base protocol. We propose a novel solution, called RandAdminSuite, that addresses the blockchain privacy problem through a comprehensive approach that covers the blockchain architecture itself, transaction mechanism and cryptocurrency as well. RandAdminSuite offers some improvements over the concept of currency rewards for transaction processing nodes.