Distributed Technologies and Consensus Algorithms for Blockchain

Abstract

Centralized and decentralized systems are prone to security breaches while storing private data. It is challenging to establish trust when an administrator is not known. Blockchain-based technologies use distributed ledgers that can be trusted, audited, validated, and verified by network nodes. The assets stored in a blockchain are immutable, timestamped, and cannot be tampered because of the integrated cryptographic mechanisms. Consensus algorithms are used to validate the transactions and blocks stored in a blockchain. Multiple research reviews focus either on various application domains of blockchain or comparative study of consensus algorithms or security aspects. This chapter aims at providing a comprehensive review on blockchain technologies, performance metrics, and guidelines for choosing a blockchain technology and consensus algorithm based on an organization's requirements and protocols. This chapter also captures concepts on blockchain types, consensus algorithms, and typical applications of blockchain with its features.