PoBTx(Proof of Block and Transaction): An Efficient Consensus Algorithm for IoT Business Blockchain

The rise of Internet of Things (IoT) networks has brought about numerous challenges in Industry 4.0 that can be addressed by blockchain technology. However, conventional business blockchain algorithms are inadequate for large-scale IoT systems and need to be adapted to make them scalable for IoT. This may require simplifying complex consensus-based security measures. This paper proposes a novel Proof of Block and Transaction (PoBTx) consensus algorithm, combining the advantages of Proof of Trade (PoT) and Proof of Block (PoB) approaches. PoBTx is tailored for IoT networks, addressing energy and computational constraints. The comprehensive analysis demonstrates its improvements in security, computation time, memory, and throughput compared to traditional consensus algorithms, making PoBTx a promising solution for large-scale IoT networks.