GeoBlockchain: Geolocation Based Consensus Against 51% Attacks

Franco Moloche-Garcia, Pedro Bustamante-Castro, Willy Ugarte

2023

Abstract

Currently, Blockchain technology has been involved in various areas such as medicine, environment, finance, mining, etc., therefore, the rise of technology causes an increasing use among technology companies, developers and even malicious attackers. The latter, through 51% attacks, could have the ability to manipulate a Blockchain network. The present proposal consists of a consensus algorithm for Blockchain networks based on Proof-of-work (PoW) that, through the use of geolocation, aims to provide protection against 51% attacks. With enough computational power on one of these Blockchain networks, an attacker could reverse transactions and identification might be impossible. It is the mining pools, which together, could have the capacity to carry out these attacks. Using geolocation, it is intended to minimize the probability of generating mining pools, making their formation unfavorable. In our experiments, the algorithm reduces the probability of 51% attacks by an average of 29% compared to PoW, providing a new layer of protection when generating consensus between participating Blockchain nodes.

Paper Citation

in Harvard Style

Moloche-Garcia F., Bustamante-Castro P. and Ugarte W. (2023). GeoBlockchain: Geolocation Based Consensus Against 51% Attacks. In Proceedings of the 25th International Conference on Enterprise Information Systems - Volume 1: ICEIS, ISBN 978-989-758-648-4, SciTePress, pages 255-262. DOI: 10.5220/0011996600003467

in Bibtex Style

@conference{iceis23,
author={Franco Moloche-Garcia and Pedro Bustamante-Castro and Willy Ugarte},
title={GeoBlockchain: Geolocation Based Consensus Against 51% Attacks},
booktitle={Proceedings of the 25th International Conference on Enterprise Information Systems - Volume 1: ICEIS,},
year={2023},
pages={255-262},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0011996600003467},
isbn={978-989-758-648-4},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 25th International Conference on Enterprise Information Systems - Volume 1: ICEIS,
TI - GeoBlockchain: Geolocation Based Consensus Against 51% Attacks
SN - 978-989-758-648-4
AU - Moloche-Garcia F.
AU - Bustamante-Castro P.
AU - Ugarte W.
PY - 2023
SP - 255
EP - 262
DO - 10.5220/0011996600003467
PB - SciTePress