Blockchain Technology Review: Consensus Mechanisms and Applications

Abstract

Blockchain technology is currently gaining a lot of attention from industry and academia due to its notable and distinctive features. From a monetary standpoint, the technology was initially disregarded because it was seen as nothing more than a cryptocurrency(money) community network. But it now promises to upgrade existing models in almost all sectors, including not only information technology and business but also e-community sectors such as government, media, medicine, law, and supply chain management (SCM). The approach, also known as Distributed Ledger Technology (DLT), makes data immutable and visible using cryptographic hashing. Decentralized trust through consensus algorithms is an important and vital feature of technology that contributes to its widespread adoption. Consensus algorithms also help the network achieve Consistency, Availability, and Partition tolerance all at the same time, but traditional distributed technology encounters a conflict in doing so. This study investigated blockchain basics, such as essential features, blockchain network types, and distinct application domains, with a focus on a taxonomy of consensus mechanisms. A thorough survey of approximately 60 papers was undertaken to comprehend the key ideas underlying blockchain technology. This review paper supports scholars in knowing the fundamentals of blockchain technology and its potential applications.