SEBF: A Single-Chain based Extension Model of Blockchain for Fintech

The traditional blockchain has the shortcoming that a single-chain can only deal with one or a few specific data types. The research question of how to make blockchain be able to deal with various data types has not been well studied. In this paper, we propose a single-chain based extension model of blockchain for fintech (SEBF). In the financial environment, we design a four-layer architecture for this model. By employing the external trusted oracle group and a financial regulator agency, a variety types of data can be effectively stored in the blockchain, such that the data type extension based on a single-chain is realized. The experimental results indicate that the proposed model can improve the efficiency of simplified payment verification.

[1]  Karthikeyan Shanmugam,et al.  Blockchain Enabled AI Marketplace: The Price You Pay for Trust , 2019, 2019 IEEE/CVF Conference on Computer Vision and Pattern Recognition Workshops (CVPRW).

[2]  Chao Liu,et al.  S-gram: Towards Semantic-Aware Security Auditing for Ethereum Smart Contracts , 2018, 2018 33rd IEEE/ACM International Conference on Automated Software Engineering (ASE).

[3]  Zhang Zhe,et al.  A review on consensus algorithm of blockchain , 2017, 2017 IEEE International Conference on Systems, Man, and Cybernetics (SMC).

[4]  Alfred Menezes,et al.  The Elliptic Curve Digital Signature Algorithm (ECDSA) , 2001, International Journal of Information Security.

[5]  George Loukas,et al.  Blockchain and IoT-based Secure Multimedia Retrieval System for a Massive Crowd: Sharing Economy Perspective , 2019, ICMR.

[6]  Ge Yu,et al.  Proceedings of the 17th international conference on Database Systems for Advanced Applications , 2012 .

[7]  Jose M. Such,et al.  International Joint Conference on Artificial Intelligence (IJCAI) , 2016 .

[8]  Qi Zhang,et al.  Sidechain technologies in blockchain networks: An examination and state-of-the-art review , 2020, J. Netw. Comput. Appl..

[9]  Ralph C. Merkle,et al.  A Digital Signature Based on a Conventional Encryption Function , 1987, CRYPTO.

[10]  Victor C. M. Leung,et al.  Performance Optimization for Blockchain-Enabled Industrial Internet of Things (IIoT) Systems: A Deep Reinforcement Learning Approach , 2019, IEEE Transactions on Industrial Informatics.

[11]  P. Cochat,et al.  Et al , 2008, Archives de pediatrie : organe officiel de la Societe francaise de pediatrie.

[12]  Stefan Schulte,et al.  Dextt: Deterministic Cross-Blockchain Token Transfers , 2019, IEEE Access.

[13]  Satoshi Nakamoto.  Bitcoin : A Peer-to-Peer Electronic Cash System , 2009 .

[14]  Aviv Zohar,et al.  Accelerating Bitcoin's Transaction Processing. Fast Money Grows on Trees, Not Chains , 2013, IACR Cryptol. ePrint Arch..

[15]  Suhan Jiang,et al.  Bitcoin Mining with Transaction Fees: A Game on the Block Size , 2019, 2019 IEEE International Conference on Blockchain (Blockchain).

[16]  Zibin Zheng,et al.  Blockchain for Internet of Things: A Survey , 2019, IEEE Internet of Things Journal.

[17]  Vitalik Buterin.  A NEXT GENERATION SMART CONTRACT & DECENTRALIZED APPLICATION PLATFORM , 2015 .

[18]  Pronaya Bhattacharya,et al.  MudraChain: Blockchain-based framework for automated cheque clearance in financial institutions , 2020, Future Gener. Comput. Syst..

[19]  Emin Gün Sirer,et al.  Bitcoin-NG: A Scalable Blockchain Protocol , 2015, NSDI.

[20]  Steve McLaughlin,et al.  International Workshop on Wireless Ad-hoc Networks (IWWAN 2005) , 2005 .

[21]  Jing Zeng,et al.  Research on Cross-Chain Technology Based on Sidechain and Hash-Locking , 2018, EDGE.

[22]  Nicolas Courtois,et al.  Optimizing SHA256 in Bitcoin Mining , 2014, CSS.

[23]  Iuon-Chang Lin,et al.  A Survey of Blockchain Security Issues and Challenges , 2017, Int. J. Netw. Secur..

[24]  James H. Anderson,et al.  Proceedings of the twelfth annual ACM symposium on Principles of distributed computing , 1993, PODC 1993.

[25]  Kim-Kwang Raymond Choo,et al.  SDTE: A Secure Blockchain-Based Data Trading Ecosystem , 2020, IEEE Transactions on Information Forensics and Security.