Comprehensive Analysis of Blockchain Algorithms

Abstract

INTRODUCTION: Blockchain technology has gained significant attention across various sectors as a distributed ledger solution. To comprehend its applicability and potential, a comprehensive understanding of blockchain's essential elements, functional traits, and architectural design is imperative. Consensus algorithms play a critical role in ensuring the proper operation and security of blockchain networks. Consensus algorithms play a vital role in maintaining the proper operation of a blockchain network, and their selection is crucial for optimal performance and security. OBJECTIVES: The objective of this research is to analyse and compare various consensus algorithms based on their performance and efficiency in mining blocks. METHODS: To achieve this, an experimental model was developed to measure the number of mined blocks over time for different consensus algorithms. RESULTS: The results provide valuable insights into the effectiveness and scalability of these algorithms. The findings of this study contribute to the understanding of consensus algorithm selection and its impact on the overall performance of blockchain systems. CONCLUSION: The findings of this study contribute to the understanding of consensus algorithm selection and its impact on the overall performance of blockchain systems. By enhancing our knowledge of consensus algorithms, this research aims to facilitate the development of more secure and efficient blockchain applications.