HuaBaseChain: An Extensible Blockchain With High Performance

Blockchain has been extensively used on the Internet of Things (IoT). However, several problems exist in current blockchain systems that limit their usability in IoT networks. First, Proof-of-Work (PoW) consensus most used in current blockchain systems generates excessive energy consumption. Second, the single digital token system limits the development of blockchain in multiple IoT applications. Finally, the large amount of data generated by IoT devices and stored in blockchains has huge storage requirements. To deal with these problems, we propose HuaBaseChain—an extensible blockchain with high performance. HuaBaseChain has three features. First, HuaBaseChain uses a novel Proof-of-Participation (PoP) consensus to reduce energy consumption. Second, HuaBaseChain extends the single digital token model to a multidimensional digital token model, enabling more varied applications that can be tailored to the needs of IoT device managers. Third, HuaBaseChain devises an underlying Merkle forest data structure to reduce storage requirements. HuaBaseChain is suited for IoT applications that contain a variety of IoT devices and generate massive amounts of data. We demonstrate the efficiency of HuaBaseChain on IoT data sets and the significantly larger Bitcoin data set. Our experiments show that HuaBaseChain runs efficiently, with significantly reduced energy consumption, greater efficiency, lower storage requirements, and higher query speed.