Enhancing Blockchain Security: A Novel Algorithmic Approach to Preventing 51% Attacks

Abstract

Many studies have shown that blockchain is not as secure as it was thought to be despite its components and operations involving many algorithms. Therefore, researchers searched and found many novel algorithms to enhance blockchain security. This study aimed to enhance blockchain security using a novel algorithmic approach to prevent at least 51% of attacks, with three objectives. The novel algorithm was termed Dynamic Node Contribution (DNC), which dynamically adjusts mining power distribution based on node reliability and historical contribution to the network. The DNC algorithm employs a reputation system, where each node earns a reputation score based on its mining history, transaction validation accuracy, and consistency. Comparing the baseline tests and tests after the introduction of DNC into the system, overall, it can be concluded that the DNC algorithm has the potential to fortify blockchain networks against 51% of attacks while maintaining efficient operation with an effective reputation-base system. The algorithm's capability to mitigate the risk of such attacks shows enhanced overall network robustness. The slight increase in transaction confirmation time, averaging 14.3 seconds compared to 12.5 seconds without DNC, can be attributed to the dynamic adjustments made by the algorithm to improve security. This increase is outweighed by increased security.