Consensus Mechanisms of Blockchain

Abstract

Blockchain is a decentralised system without the existence of a central authority that leads and coordinates. Reaching a consensus is a fundamental element of a distributed system. A distributed system is a computing paradigm where two or more components work with each other in a coordinated fashion intending to achieving a common goal. The consensus mechanism requires agreement between a number of nodes for a single data value. The fault tolerance is the property that enables a system to continue operating properly in the event of the failure of some of its components. Miners manage the blockchain in a decentralised and distributed manner where editing an entry of the blockchain is restricted by the cryptographic principles, and adding new blocks or attempting to rebuild old blocks are prevented by distributed consensus. The block-building process comes to an end when a consensus is achieved, and the winner block becomes the new addition in the blockchain.