Redactable blockchains with integer-valued polynomials

Blockchain technology has rapidly ascended as a pivotal innovation in the financial sector, renowned for its robust tamper-resistant properties inherent in hash-based systems. Despite its strengths, the blockchain's rigidity poses significant challenges in the timely rectification of fraudulent transactions, as initiating a fork to correct the ledger is both resource-intensive and time-consuming. Such delays in addressing fraud can have detrimental effects on the broader economic landscape. Addressing this critical issue, this study introduces a novel polynomial-based blockchain architecture that uses integer-valued polynomials (IVPs) for data organization within each block. This novel structure allows for the modification of data while preserving the chronological integrity of the blockchain. IVPs provide a methodical framework that not only facilitates the necessary alterations but also implements nuanced control over the complexity of these modifications. Significantly, this approach demonstrates a substantial reduction in time consumption for data modifications compared to traditional Lagrange polynomial methods, enhancing the blockchain's responsiveness in dynamic financial environments. Our empirical analysis confirms the efficiency and practicality of the proposed blockchain model. Furthermore, a comprehensive theoretical examination coupled with practical assessments reveals that this adaptable blockchain framework, when integrated with advanced cryptographic and privacy-preserving methodologies, offers a versatile solution with extensive applicability across various transactional environments. • Integer-valued polynomials for data organization within each block are used to polynomial-based blockchain architecture. • This structure allows for the modification of data while preserving the chronological integrity of the blockchain. • This approach significantly reduces data modification time versus Lagrange polynomial methods.