Hybrid private-public blockchain for enhanced data privacy using network virtualization

Data privacy has to be guaranteed for enhanced system security especially in some sensitive domains such as in banking systems. Blockchain is frequently used in these systems due to its high security level. however, public blockchain has a major concern about privacy which is the ability to discover addresses of nodes in the blockchain. Thus, private blockchain is preferred since they guarantee full privacy since the blockchain is not open. In addition, they guarantee easier deployment and faster computation. However, the security level lower than the public blockchain. Our contribution in this paper is to enhance the privacy of banking transactions (so use the private blockchain), reduce the cost of complexity (use the private blockchain), guarantee enhanced security level (use the public blockchain via network virtualization). Our proposal is a hybrid private-public blockchain solution for enhanced data privacy and guaranteed security. We propose a hybrid blockchain structure that applies the special properties of the blockchain physically and increases the general blockchain characteristics by default. Currently, all the advanced systems do not need physical devices and use virtual devices that have the same functions but with higher capabilities than them. We propose the use of a virtual network because of its advantages as it is cost-effective, reduces the business burden, better operating time, faster resource deployment, and economic and efficient use of energy