A Research on the Perspective of Exploring Restricted Decentralized Blockchain by Applying PoFE: Proof of Familiarity and Existence to Reinforce Multiple Domains

Incorporation of Blockchain technology into our real-life scenarios serves in many aspects to improvise their services. Blockchain is a node-to-node decentralized distributed ledger system which provides clarity and unchangeable records of any digital assets while avoiding the intervention of a middleman. It is a new and revolutionary technology that is gaining a lot of attention because of its ability to eliminate threats and frauds on a large scale. The complete decentralized nature of blockchain has certain drawbacks wherein a restricted decentralized network can be accomplished in order to direct the overall process. The centralized server will be maintained along with its basic distributed nature with an authorized controller or miner. Every transaction will be stored in all the nodes and one node will be considered as a chief node wherein certain authenticating powers are provided to monitor and direct the operation in a successful manner. This process eliminates the involvement of multiple parties called miners to mine the block which reduces certain complications like time consumption for choosing miners, finding a fault node in case of breakdown and so on. Certain procedures are implemented to prove the presence of the records along with a process which encourages synergistic decision making for users using the Proof of Familiarity and Existence algorithm. Also, an approach of utilizing the nodes of any sector will be considered for smooth maintenance of an entire data in a blockchain platform. An approach of collaborating Proof of Familiarity and Proof of Existence will be carried out to enrich the decision-making system in both private and public sectors.