TISCMB: design of a highly efficient blockchain consensus model with trust integrated self-correcting miner selection

Blockchain is rapidly becoming the de facto standard for storage applications requiring high transparency, record traceability, immutable data, and distributed processing. Researchers have proposed a large number of such models, including Proof-of-Work (PoW), Proof-of-Stake (PoS), Proof-of-Authority (PoA), etc. Due to their respective limitations, each of these models is applied to context-specific blockchain deployments. In addition, the selection of the most efficient miners for hash calculation and verification is a complex task that must be executed with high efficiency in order to improve network performance. The novel contribution of this work is to design a hybrid consensus model which uses a combination of Proof-of-Work and Proof-of-Stake consensus methods for fast hash computations. Proposed model is supported by a highly efficient trust-based miner selection method that aids in choosing the most optimal miner nodes with low processing delay and high energy efficiency. In addition, this text proposes a self-correcting mechanism for the designed blockchain, which assists in the blockchain's correction in the event of any internal or external attacks. Due to these characteristics, it is observed that the proposed model has 20% less delay, 8% less energy consumption, and 15% higher levels of trust than standard PoS and PoW consensus models. The model was also subjected to various attack scenarios, and it was determined that it is capable of self-correcting the node's internal blockchain with a 99.9% success rate, thereby enhancing its real-time deployment capabilities. © 2023, The Author(s), under exclusive licence to Bharati Vidyapeeth's Institute of Computer Applications and Management.