Survey of Blockchain Consensus Algorithms

EasyChair Preprint 7005

Abstract

A testament to the rapid transition of world order from the centralised means of operation to progressive decentralisation is the growing popularity of the Blockchain technology. While some sectors have undergone a complete paradigm shift courtesy of this, others have certainly felt its influence. Much of this can be accredited to its revolutionising principles of maintaining irreversible, tamper-free and distributed records. However, despite welcoming this technology with open arms most companies are still struggling to replace their conventional models with Blockchain. This problem is spawned by the lack of exhaustive research that draws boundaries between the vast amount of consensus algorithms that developers are flooded with. To cater to the dire need of laying benchmarks for consensus algorithms, this paper attempts to list down comprehensive parameters that organisations could refer to in order to adopt the Blockchain model effectively. It further does an exhaustive comparison of popular consensus protocols against these parameters.

Keyphrases: Blockchain, Blockchain Technology, Blockchain network, Byzantine fault, Byzantine fault tolerance, Crash Fault Tolerance, Decentralisation, Decentralised ledger, Practical Byzantine Fault Tolerance, Private Blockchain, Scalability, Throughput, blockchain consensus algorithm, byzantine general problem, consensus algorithm, consensus mechanism, consensus protocol, delegate node, delegated byzantine fault tolerance, dpo algorithm, energy consumption, fault tolerance, federated voting

@booklet{EasyChair:7005,
  author    = {Mayank Jain},
  title     = {Survey of Blockchain Consensus Algorithms},
  howpublished = {EasyChair Preprint 7005},
  year      = {EasyChair, 2021}}