Punishment not Reward: Disincentivising Blockchain Application Misbehaviour

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

Abstract

Blockchain architectures and applications emerged from the Bitcoin model, and are still most commonly associated with currency applications, and with financial speculation. This perception has driven the reward mechanisms for the various kinds of coin mining fueled consensus techniques seen in the vast majority of blockchain applications. As an alternative to reward mechanisms via coin payment, we propose denial of service to the application in question and/or revocation of participant confidentiality as punishment mechanisms for enterprise mission critical blockchain applications, to be used as part of the incentive mix sustaining the application. This obviates or diminishes the need for reward via cryptocurrencies, along with all their attendant volatility, insecure ecosystem and market manipulation demerits. We emphatically stress the importance of correctly balancing diverse application specific interests in the engineering of blockchain applications.

Bibliographical metadata

Original languageEnglish
Title of host publication2019 IEEE International Conference on Blockchain and Cryptocurrency (ICBC)
PublisherIEEE
DOIs
Publication statusE-pub ahead of print - 1 Jul 2019
EventIEEE International Conference on Blockchain and Cryptocurrency - Seoul, Korea, Republic of
Event duration: 14 May 201917 May 2019

Conference

ConferenceIEEE International Conference on Blockchain and Cryptocurrency
Abbreviated titleICBC 2019
Country/TerritoryKorea, Republic of
CitySeoul
Period14/05/1917/05/19

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