A Review: Consensus Algorithms on Blockchain

Abstract

Blockchain is a distributed public ledger that keeps track of all transactions that have ever taken place in the system. As a distributed ledger, a consensus mechanism is required to ensure all the transaction functions properly. In order to reach a consensus, it is critical to emphasize the importance of performance and efficiency. The use of the right consensus algorithm will significantly improve the efficiency of a blockchain application. This paper reviewed several types of consensus algorithms used in blockchain and discusses the idea of a new consensus algorithm that can improve the performance of consortium blockchain.