Time, Consensus and Governance by Design for Blockchain and DLT [Version 1]
27 December 2020 | By
Computer security and reliability
For blockchain governance, data is an asset, and the time parameter is strategic and sensitive. This document aims to explore this issue for blockchain. It analyses the issues related to two properties associated with the parameter time : the ability to measure time (timestamp), and the guarantee of the ordering between events and proposes an innovative approach promoting blockchain technology as an infinite state machine. It is illustrated by the concept of simultaneous states to take into account uncertainty as a transition between two states. After recalling the mechanisms of the consensus algorithm in the case of the PoW, and analyzing the associated issues, this document proposes two data governance functions that can be derived from the notion of time between two blocks : the alert, and the control loop. This paper proposes the abstract concept
of temporal structure, understood as the four functions derived from time parameter in support of the data governance strategy for blockchain in an industrial context, and governance by design the resulting approach.
Satoshi Nakamoto. A peer-to-peer electronic cash system. https://bitcoin. org/bitcoin.pdf, 2008.
ISO. Iso 8601-1:2019(en), date and time — representations for information interchange — part 1: Basic rules. 2019.
Jan Ladleif and Mathias Weske. Time in Blockchain-Based Process Execution. ArXiv preprint arXiv:2008.06210, 2020.
ISO. ISO/TR 23455:2019(en), blockchain and distributed ledger technologies —overview of and interactions between smart contracts in blockchain and distributed ledger technology systems.
Leslie Lamport. Time, clocks, and the ordering of events in a distributed system. Communications, 1978.
Jamsheed Shorish. Blockchain State Machine Representation. Technical report, Center for Open Science, 2018.
Cambridge English Dictionary. Meaning of computation in english. (Accessed on 04/13/2020).
ISO. ISO 22739:2020(en), Blockchain and distributed ledger technologies — vocabulary.
Melanie Swan and Primavera De Filippi. Towards a Philosophy of Blockchain . Metaphilosophy, 48, October 2017.
Shulai Zhang and Xiaoli Ma. A general difficulty control algorithm for proof-of-work based blockchains. In ICASSP 2020-2020 IEEE International Conference on Acoustics, Speech and Signal Processing (ICASSP), pages 3077–3081. IEEE, 2020.
Sinan Küfeoğlu and Mahmut Özkuran. Energy consumption of bitcoin mining. Technical report, Faculty of Economics, University of Cambridge, 2019.
Data.bitcoinity.org. Average time to mine a block in minutes. (Accessed on 12/09/2020)