Consensus Algorithms in Blockchain Technology: A Survey

Abstract

Blockchain is an immutable, transparent, public ledger that is distributed among the nodes in the network. It is a decentralized system in which transactions run on untrusted devices. To ensure equality and fairness, these transactions need to agree on some protocols. They are known as consensus algorithms. They are the core of blockchain and decide how blockchain works. Applying these algorithms, it is almost impossible for unauthorized users to crack the confidential information in the blocks. However, there are some security and performance issues that are required to be improved. In this paper, we have an overlook on various consensus algorithms, their working and where they are applied. In addition, we have reviewed blockchain technology, its application areas, advantages, and issues.