A Review on Blockchain Consensus Blockchain Techniques : Principal, Performance and Applications
Keywords:
Blockchain, Cryptocurrency, Consensus Mechanisms, Bitcoin, Distributed LedgerAbstract
Blockchain is a secure, transparent, and decentralized ledger system that maintains records across a distributed network of nodes. Operating in a trustless environment, it facilitates transactions between participants without the need for a central authority. To maintain consistency and fairness in such systems, consensus algorithms play a vital role. These protocols define the rules by which nodes reach agreement on the validity of transactions and the state of the ledger. Consensus mechanisms serve as the backbone of blockchain technology, ensuring reliability and security. With the implementation of these protocols, tampering with block data becomes highly improbable for unauthorized entities. Despite their effectiveness, certain challenges related to performance and security still persist. This paper provides an overview of several consensus algorithms, their mechanisms, and the domains in which they are applied. Additionally, we discuss the fundamentals of blockchain technology, its benefits, application areas, and existing limitations.
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