A Survey on Different Consensus Mechanisms for the Blockchain Technology

Abstract

The invention of blockchain as the niche technology for cryptocurrencies has an opportunity to be used in other application domains as well. This is promoted due to privacy and security offered by blockchains. The blockchain uses a consensus mechanism for accepting any new information. Conventional consensus mechanisms used in the blockchain need high computational power that restricts its usage in resource constrained systems. This paper, focuses on the survey of different consensus methods available for the blockchain. An IoT system consists of a number of interconnected sensors/actuators, such systems have limited resources including compute, storage and energy. This survey aims to study on the consensus methods which are relevant for the IoT networks.