Optimizing Governed Blockchains for Financial Process Authentications

Understand

We propose the formal study of governed blockchains that are owned and controlled by organizations and that neither create cryptocurrencies nor provide any incentives to solvers of cryptographic puzzles.

• We view such approaches as frameworks in which system parts, such as the cryptographic puzzle, may be instantiated with different technology.
• Owners of such a blockchain procure puzzle solvers as resources they control, and use a mathematical model to compute optimal parameters for the cryptographic puzzle mechanism or other parts of the blockchain.
• We illustrate this approach with a use case in which blockchains record hashes of financial process transactions to increase their trustworthiness and that of their audits.