Study of Blockchain Based Decentralized Consensus Algorithms

Abstract

Blockchain is the backbone technology behind crypto-currency and Bitcoin. By concept, Blockchain is a distributed database where transactions are recorded in an incorruptible and non-modifiable manner. Currently, Blockchain technology is envisioned as a powerful framework for open-access networks, decentralized information processing and sharing systems, etc. This review is motivated due to the lack of an extensive survey on the existing decentralized consensus mechanisms in Blockchain technology. So in this paper, an in-depth review of the distributed consensus mechanisms has been presented. In addition to this, a comparative analysis of the consensus protocols based on the type of Blockchain is also demonstrated.