Blockchain consensus algorithms and platforms: a survey

Abstract

Blockchain is gaining massive attention and has the potential to impact different types of record-keeping processes. It is one of the most innovative technologies potential enough to impact every industry from financial to educational institutes. Recently, consensus mechanisms have enabled distributed ledger technologies (DLTs) to find their applications and values in various sectors. A consensus algorithm is an essential element of blockchain networks. Consensus mechanisms function to ensure the transaction’s validity, reliability, and authenticity in a peer-to-peer network. The consensus algorithm assures the authenticity of transactions in a trustless and distributed manner. Choosing the right consensus algorithm plays a crucial role in the performance of a blockchain application. In this paper, a detailed survey of different types of blockchain consensus algorithms that are popular and commonly used today is presented. A comprehensive study of their features, advantages, and disadvantages has been performed. The performance of blockchain consensus algorithms is evaluated based on twelve evaluation indexes. This paper also explains the advantages of commonly used blockchain platforms and the drawbacks of each framework. It also analyses eight common blockchain platforms using twelve assessment indexes. The paper finally concludes with some research challenges and future research areas of blockchain.