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The advance of consensus algorithm in blockchain
- 1 Macau University of Science and Technology
* Author to whom correspondence should be addressed.
Abstract
As a distributed ledger technology, blockchain has found widespread use in a variety of industries, including finance, the Internet of Things (IoT), healthcare, and manufacturing. This technology addresses the trust issue by converting a low-trust centralized ledger into a highly trusted distributed ledger maintained by various entities. Consensus algorithms are one of the fundamental building blocks of the blockchain, controlling how nodes cooperate and synchronize data to perform secure and reliable activities in a decentralized setting. This paper examines the extant mainstream consensus algorithms, introduces six representative consensus algorithms, analyses their benefits and drawbacks, and discusses the application scenarios and suitability of each consensus algorithm in various blockchain platforms.
Keywords
blockchain, consensus algorithm, byzantine fault tolerance, bitcoin, Ethereum, financial platform
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Cite this article
Wei,R. (2023). The advance of consensus algorithm in blockchain. Applied and Computational Engineering,18,5-15.
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Volume title: Proceedings of the 5th International Conference on Computing and Data Science
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