Survey on Private Blockchain Consensus Algorithms

Abstract

A blockchain is a distributed ledger of records called as blocks. These blocks are linked using cryptographic hash. Each block contains a hash of the previous block, a timestamp, and transaction data. Consensus layer is the main layer in Blockchain Architecture, in which consensus protocol is configured to decide how new block is added in blockchain. Consensus algorithm solves the problem of trust in blockchain. Consensus algorithms can be classified into two classes. The first class is voting-based consensus, which requires nodes in the blockchain network to broadcast their results of mining a new block or transaction, before appending the block to blockchain. The second class is proof-based consensus, which requires the nodes joining the blockchain network to solve and mathematical puzzle to show that they are more eligible than the others to do the appending or mining work. Performance of blockchain can be increased with the use of suitable consensus algorithm. However, theory and data support for the selecting suitable consensus in private blockchain is very limited. This paper contributes theory and data used for selecting suitable consensus algorithm and would help researchers for further exploring of consensus in private blockchain environment.