Novel Consensus Algorithm for Blockchain Using Proof-of-Majority (PoM)

Abstract

The popularity of Blockchain is rising on account of its far-reaching applications in diverse industries. However, recently, blockchain has seen a rise of energy extensive mining pools which is leading to centralization, contradicting the basic blockchain tenet of decentralization. This letter proposes a novel consensus algorithm using Proof of Majority (PoM), to increase decentralization and to eliminate resource-intensive tasks leading to a reduced carbon footprint. We have evaluated the proposed algorithm in terms of latency and throughput. The proposed consensus algorithm outperforms popular existing consensus algorithms.