Comparative Analysis and Future Directions of Consensus Algorithms in Blockchain Technology

DOI

10.2991/978-94-6463-540-9_34How to use a DOI?

Keywords

Blockchain technology; Consensus algorithm; Security analysis

Abstract

The essence of blockchain technology lies in the consensus algorithm, which ensures data consistency among network nodes and secures the blockchain system. As blockchain technology rapidly evolves and finds widespread application, a diverse array of consensus algorithms has emerged, each tailored to specific use cases, performance criteria, and security needs. This paper differentiates between permissionless and permissioned blockchains, provides an overview of prevalent mainstream algorithms, and introduces a classification framework based on key features of these algorithms. A systematic comparative analysis is conducted by gathering data to delve into the principles, performance metrics, and suitability of various algorithms across different application contexts. Findings indicate that while many mainstream consensus algorithms exhibit unique characteristics, they face substantial challenges in network security, performance efficiency, and system scalability. The adaptability of different consensus algorithms varies significantly across application scenarios, suggesting that no single algorithm can universally fit all types of applications. Selecting an appropriate consensus algorithm is crucial for maintaining data consistency and security in blockchain systems. Moreover, the development of more efficient and secure consensus algorithms, continuous performance optimization, and security enhancement updates are essential for existing mainstream algorithms to address growing demands and emerging challenges in the blockchain industry.

Copyright

© 2024 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Richard Li
PY  - 2024
DA  - 2024/10/16
TI  - Comparative Analysis and Future Directions of Consensus Algorithms in Blockchain Technology
BT  - Proceedings of the 2024 2nd International Conference on Image, Algorithms and Artificial Intelligence (ICIAAI 2024)
PB  - Atlantis Press
SP  - 333
EP  - 344
SN  - 2352-538X
UR  - https://doi.org/10.2991/978-94-6463-540-9_34
DO  - 10.2991/978-94-6463-540-9_34
ID  - Li2024
ER  -