Evolution of Consensus Algorithms in Blockchain Technology

Abstract

Blockchain being a decentralised, distributed ledger, has attracted industries to implement the solutions on blockchain. The transactions are agreed in a deterministic manner because of the availability of consensus algorithms. The state of the machine is concluded based on the agreement generated by the consensus algorithm. The performance of the blockchain system can be increased to the order of magnitude when the right consensus is used. In this paper, the limitations and performance of various consensus algorithms have been reviewed along with the characteristics of the same. In addition to that, this paper compares the consensus algorithms based on various parameters such as speed, double-spending, 51% attack and many more.