TY - GEN
T1 - A Trustable and Traceable Blockchain-based Secondhand Market with Committee Consensus
AU - Huang, Sida
AU - Hou, Dongkun
AU - Peng, Zitian
AU - Dong, Yuji
AU - Zhang, Jie
N1 - Funding Information:
This work was partially supported by the National Natural Science Foundation of China under Grant No. 62002296; the Natural Science Foundation of Jiangsu Province under Grant No. BK20200250; XJTLU Teaching Development Fund under Grant No. 20/21-R21-134; XJTLU Research Development Fund under Grant No. RDF-21-02-014 and RDF-21-02-087.
Publisher Copyright:
© 2023 IEEE.
PY - 2023
Y1 - 2023
N2 - The secondhand market has shown promise due to its resource-saving and idle interchange features, but the trust problem has hampered its growth. Currently, many studies employ third-party platforms to build secondhand markets. However, buyers are unable to identify the legitimacy of secondhand products because they lack specialized knowledge. It is very challenging to protect an individual's rights if the third-party marketplace is malicious. In order to address these issues, consortium blockchain is used in this paper instead of the third-party platform. Additionally, to improve the efficiency of blockchain, a novel committee-based Byzantine consensus is designed for the secondhand market. The submitted transactions can be verified by committee nodes, and other client nodes can update the product's states and verify the recorded transactions. The transactions are transparent, permanent, and traceable, and they are verified by the chosen committee nodes. Buyers and sellers can therefore have trust in our blockchain-based second- hand market. Our experiment has proven that the consortium blockchain-based secondhand market can be more effective and reliable. The use of committee consensus has effectively reduced transaction latency on our blockchain platform.
AB - The secondhand market has shown promise due to its resource-saving and idle interchange features, but the trust problem has hampered its growth. Currently, many studies employ third-party platforms to build secondhand markets. However, buyers are unable to identify the legitimacy of secondhand products because they lack specialized knowledge. It is very challenging to protect an individual's rights if the third-party marketplace is malicious. In order to address these issues, consortium blockchain is used in this paper instead of the third-party platform. Additionally, to improve the efficiency of blockchain, a novel committee-based Byzantine consensus is designed for the secondhand market. The submitted transactions can be verified by committee nodes, and other client nodes can update the product's states and verify the recorded transactions. The transactions are transparent, permanent, and traceable, and they are verified by the chosen committee nodes. Buyers and sellers can therefore have trust in our blockchain-based second- hand market. Our experiment has proven that the consortium blockchain-based secondhand market can be more effective and reliable. The use of committee consensus has effectively reduced transaction latency on our blockchain platform.
KW - Committee-based Consensus Mechanism
KW - Consortium Blockchain
KW - Practical Byzantine Fault Tolerance
KW - Secondhand Market
KW - Trust Issues
UR - http://www.scopus.com/inward/record.url?scp=85158916929&partnerID=8YFLogxK
U2 - 10.1109/ICBDA57405.2023.10104957
DO - 10.1109/ICBDA57405.2023.10104957
M3 - Conference Proceeding
AN - SCOPUS:85158916929
T3 - 2023 IEEE 8th International Conference on Big Data Analytics, ICBDA 2023
SP - 72
EP - 76
BT - 2023 IEEE 8th International Conference on Big Data Analytics, ICBDA 2023
PB - Institute of Electrical and Electronics Engineers Inc.
T2 - 8th IEEE International Conference on Big Data Analytics, ICBDA 2023
Y2 - 3 March 2023 through 5 March 2023
ER -