Consensus Algorithms in Blockchain Technology

Abstract

Many industries implement the blockchain for their application as it is a distributed ledger with a trust. The first application of blockchain is Bitcoin. Depending on the applicability of blockchain we have to consider different parameters and accordingly, we have to select the consensus algorithm. Consensus algorithm is the crucial part while designing any blockchain for the desired application. To confirm any transaction different consensus algorithms are used. In this paper, we will discuss different consensus algorithms. In addition to this, we will compare different algorithms concerning different parameters like time required to confirm the transaction, throughput, network used for the implementation. This article summarizes the factors to be considered while implementing the blockchain.