A Multi-Dimensional Comparative Study of Popular Blockchain Consensus Protocols for Scalable Networks

Abstract

Blockchain technology, also known as Distributed Ledger Technology (DLT), is a decentralized, distributed ledger that chains encrypted blocks of data together. Its inherent properties, such as transparency, data integrity, and security measures, make it a prominent technology for various industries. Consensus protocols, hashing, and smart contracts enhance its security and reliability. However, scalability has proven to be a significant challenge in implementing public blockchains. The rapid growth of network nodes and miners' transaction calculations are the main causes of scalability issues. Efficient data scalability is crucial, as it can result in reduced maintenance costs, improved user experience, and higher agility. In this paper, we explore methods to enhance the consensus algorithm and compare its performance with existing algorithms.