Evaluation of Hash Rate-based Double-Spending based on Proof-of-Work Blockchain

Widya Nita Suliyanti, Riri Fitri Sari

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

A Blockchain is a distributed public ledger that hold immutable data in a secure and encrypted way to ensure that a transaction is safe and cannot be altered. It is implemented based on a consensus algorithm called Proof-of-Work (PoW) which confirms transactions and produces new blocks to the chain. With PoW, miners compete against each other to complete transactions on the network and get rewarded. In this paper, we simulate bitcoin, which is a well-known example of a Blockchain, to perform tasks such as network and blockchain simulation, and being the subject of a double spending attacks using a framework established by Arthur Gervais. This framework is utilized to evaluate the doublespending behavior of bitcoin based on an average attacker's hashrate as a proxy measure of the security of processed transactions. This stimulation runs in a discrete-event network simulator called NS-3. The result of this simulation shows that an increase in attacker's hashrate is parallel with an increase in number of double-spending attacks, an increase in attacker's income and the number of stale blocks posing a threat to transaction's security. Stale blocks increase the advantage of attacker in the double spending attacks in the network.

Original languageEnglish
Title of host publicationICTC 2019 - 10th International Conference on ICT Convergence
Subtitle of host publicationICT Convergence Leading the Autonomous Future
PublisherInstitute of Electrical and Electronics Engineers Inc.
Pages169-174
Number of pages6
ISBN (Electronic)9781728108926
DOIs
Publication statusPublished - Oct 2019
Event10th International Conference on Information and Communication Technology Convergence, ICTC 2019 - Jeju Island, Korea, Republic of
Duration: 16 Oct 201918 Oct 2019

Publication series

NameICTC 2019 - 10th International Conference on ICT Convergence: ICT Convergence Leading the Autonomous Future

Conference

Conference10th International Conference on Information and Communication Technology Convergence, ICTC 2019
CountryKorea, Republic of
CityJeju Island
Period16/10/1918/10/19

Keywords

  • Blockchain
  • double spending
  • doublespending
  • hash rate
  • NS-3lockchain
  • PoW
  • Proof of Work
  • security

Fingerprint Dive into the research topics of 'Evaluation of Hash Rate-based Double-Spending based on Proof-of-Work Blockchain'. Together they form a unique fingerprint.

  • Cite this

    Suliyanti, W. N., & Sari, R. F. (2019). Evaluation of Hash Rate-based Double-Spending based on Proof-of-Work Blockchain. In ICTC 2019 - 10th International Conference on ICT Convergence: ICT Convergence Leading the Autonomous Future (pp. 169-174). [8939684] (ICTC 2019 - 10th International Conference on ICT Convergence: ICT Convergence Leading the Autonomous Future). Institute of Electrical and Electronics Engineers Inc.. https://doi.org/10.1109/ICTC46691.2019.8939684