4.7 Article

A novel proof of useful work for a blockchain storing transportation transactions

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出版社

ELSEVIER SCI LTD
DOI: 10.1016/j.ipm.2021.102749

关键词

Blockchain; Supply chain; Proof of Useful Work; NP-hard optimization problem

资金

  1. NPRPC Grant from the Qatar National Research Fund (a member of The Qatar Foundation) [NPRP11C-1229-170007]

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This paper introduces Proof-of-Useful-Work (PoUW) as an alternative mechanism to Proof-of-Work (PoW), aiming to put wasted computing resources to beneficial use, particularly in the transportation sector. By replacing mathematical puzzles with NP-hard optimization problems, this mechanism allows blockchain participants to benefit from the solutions.
Proof-of-Work (PoW) is a common mechanism used to validate peer-to-peer transactions and maintain highly secured immutability of the blockchain. However, this mechanism has been criticized due to its inefficient use of computing resources and its limited usefulness. In this paper, we propose the Proof-of-Useful-Work (PoUW) as an alternative mechanism for transaction validation that puts the squandered computing resources to beneficial use. The main premise is to replace the mathematical puzzle, which constitutes a fundamental part of the Proof-of Work mechanism, with NP-hard optimization problems whose solutions benefit the participants of the blockchain. We demonstrate its usefulness in the context of transportation. Accordingly, PoUW-based blockchain not only tracks, manages and validates transactions, but also optimizes transportation requests profiting its ecosystem. We describe the framework of the proposed PoUW along with the associated optimization model and the miner's reward mechanism.

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