Critical Review of Blockchain Consensus Algorithms: challenges and opportunities

Abstract

Blockchain is a distributed ledger in which transactions are grouped in blocks linked by hash pointers. Blockchain-based solutions provide trust and privacy because of the resistance to the inconsistency of data and advanced cryptographic features. In various fields, blockchain technology has been implemented to ensure transparency, verifiability, interoperability, governance, and management of information systems. Processing large volumes of data being generated through emerging technologies is a big issue. Many researchers have used Blockchain in various fields integrated with IoT, i.e., industry 4.0, biomedical, health, genomics, etc. Blockchain has the attributes of decentralization, solidness, security, and immutability with a possibility to secure the system design for transmission and storage of data. The purpose of the consensus protocols is to keep up the security and effectiveness of the blockchain network. Utilizing the correct protocol enhances the performance of the blockchain applications. This article presents essential principles and attributes of consensus algorithms to show the applications, challenges, and opportunities of blockchain technology. Moreover, future research directions are also presented to choose an appropriate consensus algorithm to enhance the performance of Blockchain based applications