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Performance analysis on Diversity Mining‐based Proof of Work in bifolded consortium blockchain for Internet of Things consensus

Internet of Things (IoT) networks have become part and parcel of the present life. In the present‐day scenario, IoT networks are distributed, and they generate heterogeneous data to be shared, processed and analyzed. But, the prevailing centralized IoT architecture has numerous security vulnerabilities, specifically in data hosting and transfer. Blockchain, a cryptographically distributed tamper‐proof database when blends with IoT, enables a secure data archival and exchange of peer‐to‐peer (P2P) transactions to be more private. In this work, a multilayered consortium blockchain network that inherits the benefits of private blockchain for its privacy and public blockchain's decentralized governance is launched. The adoption of a semi‐private system in an IoT environment enables regulated data transparency to form novel HIBchain. It can support the heterogeneity of IoT data and has the principle of marking permissions to the public addresses. The out‐turn of an off‐chain layer is the hashed IoT blocks with a consistent transaction volume of 464 bits. The most common techniques are computationally demanding and frequently unfeasible in IoT contexts. We design and analyze the diversity mining‐based proof of work (DM‐PoW) consensus protocol on HIBchain, which yields an average processing time of 1760 transactions per second (TPS) and mining time of 3 minutes.