A study on an energy-effective and secure consensus algorithm for private blockchain systems (PoM: Proof of Majority)

Abstract

We present an energy-efficient, security-enhanced consensus algorithm to compensate for the security weaknesses that may arise when a node that generates a block is vulnerable in a closed blockchain environment. Consensus algorithms, which are usually used in blockchain environments, use a large amount of hash to create a new block, producing significant energy waste. The consensus algorithm that is proposed in this paper reduces energy waste by generating new blocks in a single operation according to the defined rules of all miner nodes that can generate blocks and converging them into blocks with many identical block values, forming a blockchain.