Various Techniques for the Consensus Mechanism in Blockchain

Abstract

A blockchain is fundamentally a distributed database of the records of all transactions or electronic events that are executed and shared with the parties involved. Blockchain is a peer-to-peer network that is a digital, decentralized, secure, and incorruptible distributed ledger containing information about transactions in financial terms. Blockchain technology is becoming more ubiquitous in various applications of information technology. Blockchain is indeed far more than a digital platform for payment. Blockchain can provide support to smart devices that are generally low powered and have less capabilities with computation. Huge amounts of computation are required for performing the mining task of block in blockchain. Blockchain is gaining worldwide acceptance nowadays because of its use in most of the current technologies and a large variety of applications. Applications that are based on blockchain benefit greatly as they have several unique characteristics when compared with standard databases.