A Review of Research on Blockchain Consensus Mechanisms and Algorithms

Abstract

Blockchain technology is a distributed ledger technology whose core mechanism is the consensus mechanism. Consensus mechanism refers to the method of reaching agreement through collaboration and competition among participants in a distributed network. And the algorithm is the specific steps and rules to realize the consensus mechanism. This paper reviews and studies the blockchain consensus mechanism and algorithm. It begins by introducing the development background and application scenarios of blockchain technology. Blockchain technology has gained attention due to the rise of digital currencies and has been widely used in industries such as finance and IoT. Next, we elaborate on some common blockchain consensus mechanisms. Currently, there are several consensus mechanisms, including Proof of Work, Proof of Stake, and Delegated Proof of Stake. Each method has unique characteristics, so it is crucial to choose the most suitable one based on the usage environment. Next, the research progress of blockchain consensus algorithms is discussed. Along with the rapid progress of blockchain technology, numerous consensus algorithms have been introduced and practically utilized. These algorithms are able to ensure data consistency and security in distributed networks. This paper discusses the challenges and future development direction of blockchain consensus mechanisms and algorithms.