Towards a High-velocity Permissioned Blockchain

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Distributed ledger technologies have been recognized as 'game changers' because they permit highly-decentralized transaction-processing systems with minimal transaction fees and without the need for a mutually trusted third-party. It is widely believed that these technologies, especially permissioned blockchains, will fundamentally alter industries ranging from finance and real-estate to energy and transportation. However, existing blockchains are highly limited in terms of their throughput, achieving no more than 1000 transactions/second for typical workloads. This greatly limits their practical applicability. Hence, our broad goals are the implementation of a scalable and provably correct consensus protocol for high-velocity blockchains, and integration of this protocol into an existing system, such as Hyperledger Fabric. Our goal is to achieve a transaction throughput exceeding 1 million transactions/s.