Understanding the public, private and consortium consensus algorithms in blockchain technology

Abstract

Blockchain has become one of the most demanding technologies of the decade. Blockchain is a decentralised digital record of information stored in a form of blocks in a chain of blocks called blockchain. It is totally dependent on the addition of new block in its chain. At a single time, there are a number of blocks ready to be added in the blockchain; choosing one valid block from this number of blocks is a complex and most important part of blockchain architecture. As we know that blockchain is a non-centralised system, it has peer-to-peer network in which blocks are added one by one to the chain of blocks only when a consensus is reached amongst the participants of the network. This paper presents a theory summarising of some consensus algorithm used in public, private and consortium blockchain technology along with pros and cons of each algorithms.