Strategic Decision Making in Consortium Blockchains through Modified Proof of Work

Abstract

Blockchain technology offers a solution to the challenge of transaction storage within consortia, yet it seldom addresses issues concerning strategic decision-making within these groups. In practical scenarios, consortia consist of multiple companies or enterprises engaged in business relationships, inevitably encountering pressing problems that demand resolution. To address the issue of centralized decision-making authority, this paper introduces a strategic decision-making consensus mechanism, refined from the proof of work model to tackle a real-world problem. This mechanism incorporates a voting system to select the most optimal strategy. Initially, the strategy proposer presents viable strategies based on the issues identified by the system. Simultaneously, the system randomly selects Nb bookkeepers from the pool of accounting candidates. These Nb bookkeepers then evaluate the received strategies based on their satisfaction levels. Bookkeeper i documents the calculation process of the strategy satisfaction and the optimal strategy within the blockchain. By analyzing security performance, as well as fair and reliable performance, this improved consensus algorithm ensures the optimal policy is tamper-proof. Experimental verification demonstrates that the enhanced consensus mechanism can achieve transaction authentication at the level of seconds.