Blockchain Platforms, Architectures, and Consensus Algorithm

Abstract

This chapter discusses about concepts such as blockchain architecture, blockchain platforms, and consensus algorithm. Literatures from the year the first blockchain was developed (2009) till date were reviewed to gather insight into these concepts. Blocks, nodes, and ledgers are the major features that make up the architecture of any Blockchain platform. There are other technologies and phenomenon blockchain relies on to gain its immutability such as cryptography, distributed computing, and smart contracts. The concepts that blockchain relies on have brought about a number of already-existing platforms such as the numerous cryptocurrencies, decentralized finance, and decentralized applications. A sequence is solving the problem of which transaction is legit or not is called the consensus algorithm. There are numerous consensus algorithms for different blockchain network. Understanding these concepts is the first step in developing sustainable and advanced applications using blockchain.