System and method for managing and securing a distributed ledger for a decentralized peer-to-peer network

摘要

The present disclosure relates to a method and system for managing and securing a distributed ledger for a decentralized peer-to-peer (p2p) network. The method receives an encrypted block and a group key generated by at least one peer node on the p2p network, wherein each peer node is IoT device and determines a virtual device block in a device chain on verifying the unique device ID, and address of a corresponding event chain associated with the virtual device block. Further, the method generates a transaction ID for a new transaction using the unique ID of the virtual device block and determines a valid event block in the event chain associated with the virtual device block for storing the new transaction and associated transaction ID. Further, the method updates the distributed ledger with the valid event block upon verification by one or more peer IoT devices of the p2p network.