Blockchain Consensus: Analogical Comparison and Challenges

Abstract

Blockchain is a distributed ledger that has attracted widespread interest in various domains. So many sectors have started to integrate blockchain technology into their applications and services. To comprehend the significance and applicability of blockchain, it is essential to grasp its major components, functional properties, and architecture. As a distributed ledger, a blockchain network’s peer nodes require a consensus mechanism to assure its correct operation. There are several consensus mechanisms in the present paper, each with their own unique performance and security properties. One consensus algorithm cannot fulfil the needs of all applications. Existing consensus algorithms must be technically analyzed to determine their benefits, drawbacks, and potential uses. We have found and investigated characteristics that are connected with the efficiency and safety of blockchain consensus. Regarding these factors, the consensus mechanisms are reviewed and contrasted. This paper focuses on a research gap in the design and evaluation of efficient consensus methods. This paper will help developers and academics analyze and construct new modified consensus algorithms.