A Survey on Consensus Mechanisms for Blockchain Technology

Abstract

Blockchain technology has been significantly influencing the global economy in recent years. Meanwhile, the inherent consensus problem within blockchain systems turns out to be rather challenging in practice, since malicious parties would try various ways of attacks on the system, which should be carefully addressed by specifically designed consensus mechanisms. This article systematically studies the state-of-the-art consensus mechanisms, and look into their pros and cons, respectively.