A Study on Security Schemes in Blockchain Technology

Abstract

Block-chain is widely praised as an astounding advancement because of its recent development in security. Many believe that information stored in a block-chain is secure because of its decentralization and cryptographic methods. Consensus is the most important layer in block-chain architecture, and it is responsible for the network’s security and reliability. Block-chain schemes’ stabilization relies heavily on consensus-algorithms. The article provides an in-depth explanation of the most common consensus algorithms, including Proof-of-Work (PoW), Proof-of-Stake (PoS), Proof-of-Burn (PoB), Proof-of-Activity (PoA), Proof-of-Vote (PoV) and Proof-of-Elapsed-Time (PoET). An in-depth evaluation of these consensus mechanisms has been conducted, and the results have been presented. These algorithms can be measured using a variety of metrics, including security, efficiency, and scalability. A secured system that functions properly needs to identify the algorithm and its strength. According to various parameters, such as decentralization, POA has a lower level of decentralization than other protocols.