Title: Optimisation method of IoT financial data transmission efficiency based on consensus algorithm of blockchain technology

Authors: Xiaojie Yang

Addresses: Department of Economics and Trade, Shijiazhuang College of Applied Technology, Shijiazhuang, Hebei, China

Abstract: The financial industry faces the challenge of slow data transmission efficiency and poor security. To address these issues, a new IoT financial data transmission model based on the blockchain DPoS consensus algorithm has been designed. This model introduces reputation and network nodes to enhance system stability. By evaluating and selecting reliable nodes as consensus validators, the negative impact of malicious nodes can be mitigated. Gateway nodes can act as intermediate nodes to minimise transmission delay and network congestion, while improving transmission speed and reliability. The performance test results showed that the honest nodes of the research algorithm were stable at about 91% in the 6th round of voting, while 998 valid blocks were produced at the end of 10 rounds of voting. In practical application tests, the lowest transmission rates were 2286 bps and 536 bps for different financial data sets, and the highest packet loss rates were 0.12% and 1.24%, respectively. Taken together, the above data illustrates that the research model is extremely secure and stable, and has high-data transmission efficiency and low packet loss. The research results and conclusions can provide more practical, secure and efficient solutions for data transmission problems in related fields.

Keywords: internet of things; consensus algorithm; data transfer; finance; blockchain.

DOI: 10.1504/IJGUC.2024.140114

International Journal of Grid and Utility Computing, 2024 Vol.15 No.3/4, pp.295 - 305

Received: 28 Jun 2023
Accepted: 24 Sep 2023
Published online: 24 Jul 2024 *

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