Consensus Algorithms in Blockchain: Comparative Analysis, Challenges and Opportunities

Chaudhry, Natalia; Yousaf, Muhammad Murtaza

doi:10.1109/icosst.2018.8632190

Cited by 150 publications

(61 citation statements)

References 25 publications

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“…To address low-cost operations, authors formulated security evaluations in Contiki IoT operating systems. Chaudhry et al [16] summarized the consensus algorithms on aspects like BC type, communication model, scalability of mined transactions, and adversary tolerance model. Bach et al [17] surveyed the taxonomy of consensus mechanisms in the context of security, scalability, and rewarding methods.…”

Section: B Existing Surveysmentioning

confidence: 99%

“…• Energy consumption: Energy consumption of consensus algorithms differ due to varied heterogeneous parameters, and hence, cannot be experimentally evaluated [16]. This depends on the nature of target applications.…”

Section: Comparative Analysis Of Consensus Algorithms For Cps Applmentioning

confidence: 99%

“…Chaudhry et al [16] identified the facts related to various security and performance parameters of decentralized consensus in detail. Authors categorized the consensus into different categories based on the communication model, energy consumption, node failure, scalability, and consensus facility.…”

Section: ) Proof-basedmentioning

confidence: 99%

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A Survey on Decentralized Consensus Mechanisms for Cyber Physical Systems

et al. 2020

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Modern industry 4.0 applications are shifting towards decentralized automation of computing and cyber-physical systems (CPS), which necessitates building a robust, secure, and efficient system that performs complex interactions with other physical processes. To handle complex interactions in CPS, trust and consensus among various stakeholders is a prime concern. In a similar direction, consensus algorithms in blockchain have evolved over the years that focus on building smart, robust, and secure CPS. Thus, it is imperative to understand the key components, functional characteristics, and architecture of different consensus algorithms used in CPS. Many consensus algorithms exist in the literature with a specified set of functionalities, performance, and computing services. Motivated from these facts, in this survey, we present a comprehensive analysis of existing state-of-the-art consensus mechanisms and highlight their strength and weaknesses in decentralized CPS applications. In the first part, we present the scope of the proposed survey and identify gaps in the existing surveys. Secondly, we present the review method and objectives of the proposed survey based on research questions that address the gaps in existing studies. Then, we present a solution taxonomy of decentralized consensus mechanisms for various CPS applications. Then, open issues and challenges are also discussed in deploying various consensus mechanisms in the CPS with their merits and demerits. The proposed survey will act as a road-map for blockchain developers and researchers to evaluate and design future consensus mechanisms, which helps to build an efficient CPS for industry 4.0 stakeholders.

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Section: B Existing Surveysmentioning

confidence: 99%

Section: Comparative Analysis Of Consensus Algorithms For Cps Applmentioning

confidence: 99%

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A Survey on Decentralized Consensus Mechanisms for Cyber Physical Systems

et al. 2020

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“…There are many consensus mechanisms which are currently in use by blockchains, including PoW (Proof of Work), PoS (Proof of Stake), DPoS (Delegated Proof of Stake), PBFT (Practical Byzantine Fault Tolerance), PoB (Proof of Bandwidth), PoET (Proof of Elapsed Time), PoA(Proof of Authority) and many more [44][45][46] to validate blocks. Two most popular blockchain systems-Bitcoin and Ethereum-use the PoW mechanism.…”

Section: Role Of Leader Participating In Multilevel Blockchainmentioning

confidence: 99%

A Hierarchical and Abstraction-Based Blockchain Model

et al. 2019

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In the nine years since its launch, amid intense research, scalability is always a serious concern in blockchain, especially in case of large-scale network generating huge number of transaction-records. In this paper, we propose a hierarchical blockchain model characterized by:(1) each level maintains multiple local blockchain networks, (2) each local blockchain records local transactional activities, and (3) partial views (tunable w.r.t. precision) of different subsets of local blockchain-records are maintained in the blockchains at next level of the hierarchy. To meet this objective, we apply abstractions on a set of transaction-records in a regular time interval by following the Abstract Interpretation framework, which provides a tunable precision in various abstract domain and guarantees the soundness of the system. While this model suitably fits to the real-worlds organizational structures, the proposal is powerful enough to scale when large number of nodes participate in a network resulting into an enormous growth of the network-size and the number of transaction-records. We discuss experimental results on a small-scale network with three sub networks at lower-level and by abstracting the transaction-records in the abstract domain of intervals. The results are encouraging and clearly indicate the effectiveness of this approach to control exponential growth of blockchain size w.r.t. the total number of participants in the network.

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“…It is essentially a decentralized and distributed data structure, replicated over a peer-to-peer (p2p) network [2]. Blockchain consists of consecutive chained blocks, each one linked with the previous, containing records that has to reach a consensus before the contract is enacted [1] [3] [4].The consensus is a way to ensure the nodes on the network verify the transactions and agree with the order and existence on the ledger [5] [6]. In the case of applications like cryptocurrency, this process is critical so as to prevent double spending or other invalid data being written to the underlying ledger, which is a database of all the transactions [7] [8] The most widely used consensus algorithms are the Proof of Work (PoW) algorithm [1],the Proof of Stake (PoS) algorithm [9] [10] as well as Practical Byzantine Fault Tolerance (PBFT) algorithm [11];however, there are also other consensus algorithms which utilize alternative implementations of PoW, PoS and PBFT, as well as other hybrid implementations and some altogether new consensus strategies [12][13] [8].There are newer consensus mechanisms coming up every now and then, all of which are hoping to achieve the objectives of collaboration, egalitarianism and inclusion [14] [12].Consensus is used to create a more equal and fair society for users in the decentralized network from all around the world [15].…”

Section: Introductionmentioning

confidence: 99%

Consensus Algorithms Blockchain: A comparative study

hattab¹,

Alyaseen²

2019

IJPCC

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A blockchain is a Distributed Ledger Technology that has been defined as a â€œdistributed, shared, encrypted database that serves as an irreversible and incorruptible repository of information. Blockchain can be defined as a peer-to-peer distributed ledger that is cryptographically secure, append-only, immutable and updatable only via consensus or agreement among peers. In blockchain platforms, each transaction in the public ledger is verified by consensus of the majority of the system participants in a transparent and secure way. The consensus algorithm refers to the process of attaining an unified agreement on the state of the network in a decentralized way and to facilitate the verification and validation of information being added to the blockchain. This paper aims at providing a comparison between most of the recent consensus algorithms regarding the scalability of the algorithm; the type of blockchain, node identity, the performance of the algorithm (in terms of throughput & latency) and Adversial Tolerance and to deliver a solid basis for discussions about current statistics. In this research, we also presented a new category of the Blockchain consensus algorithms, which consist of three groups as follows; the proof based on Hardware, the proof based on stake, and the proof based on voting.

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Consensus Algorithms in Blockchain: Comparative Analysis, Challenges and Opportunities

Cited by 150 publications

References 25 publications

A Survey on Decentralized Consensus Mechanisms for Cyber Physical Systems

A Survey on Decentralized Consensus Mechanisms for Cyber Physical Systems

A Hierarchical and Abstraction-Based Blockchain Model

Consensus Algorithms Blockchain: A comparative study

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