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Toward Blockchain Realization

Author

Listed:
  • Chih-Wen Hsueh

    (Department of Computer Science and Information Engineering, National Taiwan University, Taipei 10617, Taiwan)

  • Chi-Ting Chin

    (Department of Risk Management and Insurance, Ming Chuan University, Taipei 11103, Taiwan)

Abstract

Since FinTech was stimulated by the invention of blockchain, without the full realization of blockchain technologies in the following years, FinTech has not been fully realized. We discuss some myths and reasons for why blockchain technologies were not fully realized. The lack of distributed synchronization might be the most difficult challenge such that the trust provided by blockchain is not good enough for public use. We propose a mathematical solution with a new consensus mechanism based on general Proof-of-Work mining, called Proof-of-PowerTimestamp, to reach distributed synchronization and reduce power consumption to less than one billionth of Bitcoin. We also discuss related issues toward blockchain realization once the distributed synchronization and energy consumption problems are solved. Since the issues are mostly interdisciplinary or multidisciplinary, researchers are invited to cooperate to help blockchain realization as soon as possible.

Suggested Citation

  • Chih-Wen Hsueh & Chi-Ting Chin, 2022. "Toward Blockchain Realization," FinTech, MDPI, vol. 1(1), pages 1-19, March.
    • Handle: RePEc:gam:jfinte:v:1:y:2022:i:1:p:7-99:d:768744
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    References listed on IDEAS

    as
    1. Johannes Sedlmeir & Hans Ulrich Buhl & Gilbert Fridgen & Robert Keller, 2020. "The Energy Consumption of Blockchain Technology: Beyond Myth," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 62(6), pages 599-608, December.
    2. Bernardo Nicoletti, 2017. "The Future of FinTech," Palgrave Studies in Financial Services Technology, Palgrave Macmillan, number 978-3-319-51415-4, December.
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    Cited by:

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