Quest for Scalable Consensus Protocols in Blockchain Systems
Bitcoin’s blockchain technology has emerged as an important approach for the decentralized management of digital asset ownership. A blockchain is a replicated ledger maintained in a decentralized manner without requiring a central authority. A distributed consensus protocol is needed in a blockchain system to ensure a globally-agreed total order of blocks in the chain. For this, Bitcoin uses a technique based on Proof-of-Work (PoW) which requires solving some hard cryptographic puzzle. The PoW model poses inherent difficulties in scaling performance and consumes an inordinate amount of computing power. This talk presents an overview of the Bitcoin’s consensus model and the various other approaches investigated and adopted in recent years for scaling performance of blockchain systems. These include the use of classical consensus protocols with Byzantine Fault Tolerance (BFT), sharding, , alternate data structures such as direct acyclic graphs in place of a linear chain, and the use of other trust models and mechanisms. Some of these alternate trust models include Proof-of-Stake (PoS), Proof-of-Authority (PoA), and Proof-of-Elapsed Time (PoET).
Date and Time
Location
Hosts
Registration
- Date: 15 Oct 2019
- Time: 05:30 PM to 07:30 PM
- All times are (UTC-04:00) Eastern Time (US & Canada)
-
Add Event to Calendar
- 1745 West Nursery Road
- Linthicum, Maryland
- United States 21090
- Building: National Electronics Museum (free parking)
- Room Number: Pioneer Hall
- Contact Event Host
- Co-sponsored by Baltimore Communications Society Chapter
- Starts 30 September 2019 05:00 PM
- Ends 15 October 2019 12:00 PM
- All times are (UTC-04:00) Eastern Time (US & Canada)
- No Admission Charge
Speakers
Anand
Quest for Scalable Consensus Protocols in Blockchain Systems
Bitcoin’s blockchain technology has emerged as an important approach for the decentralized management of digital asset ownership. A blockchain is a replicated ledger maintained in a decentralized manner without requiring a central authority. A distributed consensus protocol is needed in a blockchain system to ensure a globally-agreed total order of blocks in the chain. For this, Bitcoin uses a technique based on Proof-of-Work (PoW) which requires solving some hard cryptographic puzzle. The PoW model poses inherent difficulties in scaling performance and consumes an inordinate amount of computing power. This talk presents an overview of the Bitcoin’s consensus model and the various other approaches investigated and adopted in recent years for scaling performance of blockchain systems. These include the use of classical consensus protocols with Byzantine Fault Tolerance (BFT), sharding, , alternate data structures such as direct acyclic graphs in place of a linear chain, and the use of other trust models and mechanisms. Some of these alternate trust models include Proof-of-Stake (PoS), Proof-of-Authority (PoA), and Proof-of-Elapsed Time (PoET).
Biography:
Anand Tripathi is a Professor of Computer Science at the University of Minnesota, Minneapolis. He is a Fellow of IEEE. He received Ph.D. (1980) in Electrical Engineering from the University of Texas at Austin and B.Tech (1972) in Electrical Engineering from the Indian Institute of Technology, Bombay. During 1981–84 he was a Senior Principal Research Scientist at Honeywell Computer Science Center, Minneapolis. In 1995–97, he served as a Program Director in the Division of Computer and Communications at the National Science Foundation. His research interests are in distributed systems, middleware frameworks, system security and fault-tolerant computing.
Email:
Address:Department of Computer Science & Engineering , University of Minnesota,, Minneapolis , Minnesota, United States, 55455
Agenda
Abstract: Bitcoin’s blockchain technology has emerged as an important approach for the decentralized management of digital asset ownership. A blockchain is a replicated ledger maintained in a decentralized manner without requiring a central authority. A distributed consensus protocol is needed in a blockchain system to ensure a globally-agreed total order of blocks in the chain. For this, Bitcoin uses a technique based on Proof-of-Work (PoW) which requires solving some hard cryptographic puzzle. The PoW model poses inherent difficulties in scaling performance and consumes an inordinate amount of computing power. This talk presents an overview of the Bitcoin’s consensus model and the various other approaches investigated and adopted in recent years for scaling performance of blockchain systems. These include the use of classical consensus protocols with Byzantine Fault Tolerance (BFT), sharding, , alternate data structures such as direct acyclic graphs in place of a linear chain, and the use of other trust models and mechanisms. Some of these alternate trust models include Proof-of-Stake (PoS), Proof-of-Authority (PoA), and Proof-of-Elapsed Time (PoET).