Secure Payment Routing Protocol for Economic Systems Based on Blockchain

Abstract

Blockchain, as secure means for asset transfer, greatly attracts the attention of the global economic community. However, scalability strongly hampers the growth of economic systems based on the blockchain technology. Bidirectional micropayment channels are suitable solutions for scalability on economic systems based on blockchain. However, the challenge presented by micropayment channels is the inefficient routing mechanisms and timelocks generated per channel for a given path chosen to execute a transaction. In this paper, we develop suitable routing algorithms for economic systems based on blockchain. We additionally derive suitable equations to generate unique timelocks for channels belonging to selected paths chosen to execute a transaction. Finally, we demonstrate the efficiency of the protocol based on number of connections and bandwidth with evidence showing the efficiency and scalability of the routing mechanism.