As the benefits of blockchain become clear, in the past year we have witnessed an explosive growth in the use of blockchain based systems. However, as with any new technology, adoption of blockchain carries with it, as yet not widely known, risks that should be properly evaluated and understood prior to design and development. Given the purely distributed nature of blockchain, in which nodes can span continents, a key aspect in planning and designing blockchain systems which is not readily incorporated in a modern architect’s vernacular is consideration of eventual consistency, system stability and scalability when designing blockchain based systems. This is compounded by the fact that, as yet, very few practical tools are available to help architects better understand and plan for the above. In this paper we introduce BlockSIM, a comprehensive and open source blockchain system simulation tool which can assist blockchain architects better evaluate the performance of planned private blockchain networks by running scenarios and decide the optimal system parameters suited for their purposes. We compare the results of our simulation with real blockchain networks and demonstrate that BlockSIM can be used effectively by architects of blockchain systems to plan and implement scalable, stable and resilient blockchain networks. Finally, we demonstrate via a real life example how architects can apply BlockSIM to plan and design real-world blockchain systems.

Published in: 2019 IEEE International Conference on Blockchain and Cryptocurrency (ICBC)

Date of Conference: 14-17 May 2019

Date Added to IEEE Xplore: 01 July 2019

DOI: 10.1109/BLOC.2019.8751320

Conference Location: Seoul, Korea (South)

Many financial institutions have adopted blockchain-based DLT solutions to enhance the security, transparency, and efficiency of financial transactions. However, several research challenges must be addressed during the design and architectural development of a DLT-based network. Key areas of interest include network reliability, network latency, computational resource requirements, storage capacity, and processing efficiency. This presentation discusses the critical considerations involved in selecting an appropriate DLT platform for banking and other financial institutions. Factors such as transaction finality, consensus mechanism selection, scalability, and the impact of network latency on real-time operations play a significant role in the successful deployment of DLT systems. 

March 27-28, 2018, Jakarta, Indonesia

Presenting Blockchain Projects: Permissioned Blockchain, Web3, DApp, eCommerce platform.