Blockchain for Decentralization of Internet: Prospects, Trends, and Challenges

Blockchain has made an impact on today's technology by revolutionizing the financial industry in its utilization on cryptocurrency and the features it provided on decentralization. With the current trend of pursuing the decentralized Internet, many methods have been proposed to achieve decentra...

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Bibliographic Details
Published in:arXiv.org 2020-11
Main Authors: Zarrin, Javad, Phang, Hao Wen, Lakshmi Babu Saheer, Zarrin, Bahram
Format: Article
Language:English
Subjects:
Algorithms
Blockchain
Computer architecture
Cryptography
Decentralization
Digital currencies
Internet
Literature reviews
Protocol (computers)
Online Access:Get full text
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Summary:Blockchain has made an impact on today's technology by revolutionizing the financial industry in its utilization on cryptocurrency and the features it provided on decentralization. With the current trend of pursuing the decentralized Internet, many methods have been proposed to achieve decentralization considering different aspects of the current Internet model ranging from infrastructure and protocols to services and applications. This paper focuses on using Blockchain to provide a robust and secure decentralized computing system. The paper conducts a literature review on Blockchain-based methods capable for the decentralization of the future Internet. To achieve that decentralization, two research aspects of Blockchain have been investigated that are highly relevant in realizing the decentralized Internet. The first aspect is the consensus algorithms, which are vital components for decentralization of Blockchain. We have identified three consensus algorithms being PoP, Paxos, and PoAH to be more adequate for reaching consensus in Blockchain-enabled Internet architecture. The second aspect that we investigated is the impact of future Internet technologies on Blockchain, where their combinations with Blockchain would help to make it overcome its established flaws and be more optimized and applicable for Internet decentralization.
ISSN:2331-8422
DOI:10.48550/arxiv.2011.01096