VERIFICATION SYSTEM AND METHOD FOR TRANSACTION BASED BLOCK CHAIN

Computing resource saving blockchain transaction verification technology

This technology relates to a blockchain-based transaction verification system and method that can increase the efficiency of computing resources while maintaining the integrity of transaction verification by randomly assigning block verification rights to a small number of nodes using a block hash-based algorithm.

The existing blockchain transaction verification method had the problem of severe waste of computing resources because all nodes participated. To solve this inefficiency, this technology utilizes a block hash-based algorithm to randomly assign block verification authority to only a small number of nodes, thereby reducing computing resource usage by 94% while maintaining transaction integrity. At the same time, it has the effect of guaranteeing integrity even if a small number of nodes verify the transaction.

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Key Features:

• Only a small number of nodes randomly assigned block verification authority verify transactions
• Verification authority is assigned through an unpredictable algorithm using the hash value of the previous block and its own node ID
• Since verification authority changes in real time and unpredictably every time a block is created, integrity is secured by blocking the possibility of collusion and attack by a small number of nodes
• Only a small number of nodes perform verification to reduce resource consumption of the entire network and operate efficiently

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