An Overview of Blockchain Technology in Architecture and Consensus with Key Advances

Abstract

Blockchain has revolutionized cryptocurrency since the advent of Bitcoin. Due to its decentralized nature, transparency, security measures, and ability to conduct transactions between untrusted parties, blockchain has received extensive attention recently. Consensus algorithms manage the blockchain and describe how peers achieve data consistency and integration. However, other hurdles persist for blockchain systems, including scalability and energy consumption, and they require to be overcome. The paper introduces a comprehensive overview of distributed ledger technologies (DLTs) with a deeper understanding of the blockchain. Moreover, we conduct a comparative analysis of the most widespread consensus mechanisms using various metrics. And briefly list potential threats, applications across several fields, and possible future directions.