Proof of Elapsed Time in blockchain:

Proof of Elapsed Time (PoET) is a blockchain consensus algorithm that uses a fair lottery system to determine who creates the next block. It was developed by Intel Corporation and is used in the Hyperledger Sawtooth blockchain platform.

PoET works by assigning a random wait time to each node in the network. The node with the shortest wait time will wake up first and win the right to create the next block. This ensures that every node has an equal chance of winning, regardless of its hardware or processing power.

To prevent cheating, PoET uses a Trusted Execution Environment (TEE) to generate and verify wait times. A TEE is a secure environment that is isolated from the rest of the system. This makes it impossible for nodes to tamper with their wait times or to fake the results of the lottery.

PoET has a number of advantages over other consensus algorithms, such as Proof of Work (PoW). It is more energy-efficient and secure, and it is also more scalable. PoET is also well-suited for permissioned blockchain networks, where the nodes are known and trusted.

Here is a simplified example of how PoET works:

  1. Each node in the network is assigned a random wait time.
  2. All nodes go to sleep for their assigned wait time.
  3. The node with the shortest wait time wakes up first.
  4. The winning node creates the next block and broadcasts it to the network.
  5. All other nodes verify the block and add it to their own copy of the blockchain.