DC-PoET: Proof-of-Elapsed-Time Consensus with Distributed Coordination for Blockchain Networks

Blockchain technology has gained a significant amount of interest in recent years due to its decentralized control, immutability, transparency and robustness. In this paper we propose an enhancement to BlockChain built using proof-of-elapsed-time (PoET) consensus protocol to further increase its efficiency and transaction throughput. The proposed scheme, called DC-PoET, exploits distributed coordination (DC) among the nodes to avoid unnecessary transmission of conflicting blocks inspired by a similar mechanism in WiFi networks. We show that DC-PoET can support around 465 transactions per seconds with 30 MB block size, and even higher for larger blocks. We have also developed detailed analytical modeling for the performance of DC-PoET scheme using a two-dimensional Markov Chain, along with the validation of such modeling using Matlab simulations. The security analysis of our proposed scheme is also discussed.