GeoBlockchain: Geolocation Based Consensus Against 51% Attacks

Currently, Blockchain technology has been involved in various areas such as medicine, environment, finance, mining, etc., therefore, the rise of technology causes an increasing use among technology companies, developers and even malicious attackers. The latter, through 51% attacks, could have the ability to manipulate a Blockchain network. The present proposal consists of a consensus algorithm for Blockchain networks based on Proof-of-work (PoW) that, through the use of geolocation, aims to provide protection against 51% attacks. With enough computational power on one of these Blockchain networks, an attacker could reverse transactions and identification might be impossible. It is the mining pools, which together, could have the capacity to carry out these attacks. Using geolocation, it is intended to minimize the probability of generating mining pools, making their formation unfavorable. In our experiments, the algorithm reduces the probability of 51% attacks by an average of 29% compared to PoW, providing a new layer of protection when generating consensus between participating Blockchain nodes.