Blockchain Technology with High Performance via Parallel Processing

A blockchain is decentralized system that is used for many financial applications. The problem of deficiency could be solved by performing a parallel block mining for independent transactions. This paper presents a simulation of a blockchain network that is aimed to measure the accelerating of the proof of work (PoW) consensus mechanism through parallel mining. The goal is to make sure that no node has idle processing units. The proposed method includes the process of selecting two types of nodes, which are work distribution and reward systems. The work was examined in two experiments, each containing all the properties needed to perform PoW, and tested using a variety of case scenarios by varying the type and number of processing units. Upon completion of the experimental evaluations, a comparative analysis was conducted to examine the outcomes of the two trials. The first experiment exhibited superior results, with an average network productivity of 1105.53 and a profit rate of 0.136. In contrast, the second experiment yielded a lower average network productivity of 1003.92 and a profit rate of 0.124. These outcomes provided evidence for the effectiveness of the proposed approach and established the superiority of the first experiment over the second in terms of network productivity and profitability.