Comparative Analysis of Consensus Algorithms of Blockchain Technology

2020 ◽  
pp. 205-218
Author(s):  
Ashok Kumar Yadav ◽  
Karan Singh
Keyword(s):  
Comparative Analysis ◽  
Consensus Algorithms ◽  
Blockchain Technology

scholarly journals A Comparative Analysis of Blockchain Consensus Algorithms from Shariah Perspective

2020 ◽  
Vol 6 (1) ◽  
pp. 1-22
Author(s):  
Tasneem Darwish ◽  
Kamalrulnizam Abu Bakar ◽  
Gen Matsuda ◽  
Ahmed Aliyu ◽  
Abdul Hanan Abdullah ◽  
...  
Keyword(s):  
Comparative Analysis ◽  
Distributed Applications ◽  
Work Flow ◽  
Consensus Algorithm ◽  
Consensus Algorithms ◽  
Blockchain Technology ◽  
And Performance

Blockchain provides a distributed digital ledger platform for not only cryptocurrencies but also many other distributed applications. Blockchain platforms work flow and performance are controlled by the used consensus algorithms. Although many studies evaluated cryptocurrency from the Shariah perspective, they focused only on the cryptocurrency concept and did not consider the underlying blockchain technology. However, designing a Shariah compliant application on top of a non Shariah compliant platform does not fulfil the requirements of Shariah. Therefore, it is necessary to use a Shariah compliant blockchain platform in order to produce Shariah compliant blockchain applications. To support the production of Shariah compliant blockchain applications, this study provides a comparative analysis of the most used consensus algorithms in blockchain platforms. In particular, the considered consensus algorithms are evaluated from a Shariah perspective. In conclusion, based on the conducted evaluation some of the widely used blockchain platforms (e.g. Bitcoin and Ethereum) are found to be not compliant with the Shariah rules due to using a consensus algorithm that is not Shariah compliant.

scholarly journals Consensus Algorithms for Highly Efficient, Decentralized, and Secure Blockchains

2020 ◽  
pp. 47-60
Author(s):  
Diego I. ESTEVEZ
Keyword(s):  
Comparative Analysis ◽  
Consensus Algorithms ◽  
Technological Revolution ◽  
Highly Efficient ◽  
Blockchain Technology

This paper about blockchain technology introduces its theory, implementation, and applications while focusing on the types of consensus algorithms. The methodology is linguistic and consists of a comparative analysis of the most popular algorithms. This paper is part of a broader effort to make these concepts more accessible and help develop an environment where students can grow and be part of this technological revolution. Students with a background in algorithmic programming are uniquely suited to tackle highly impactful questions about the algorithms underpinning blockchains. After reading this paper, students should be able to build their own implementation of a blockchain and start doing research into this technology.

scholarly journals Blockchain technology and its impact on financial and shipping services

2018 ◽  
Vol 2 (1) ◽  
pp. 51-63 ◽  
Author(s):  
Viktor Diordiiev
Keyword(s):  
Financial Services ◽  
Global Economy ◽  
Insurance Industry ◽  
Public Institutions ◽  
Consensus Algorithms ◽  
Blockchain Technology ◽  
Huge Impact ◽  
Services Industry ◽  
The One ◽  
Traditional Industry

Introduction. Blockchain technology is becoming one of the main drivers of innovation in the global economy. Its adoption will have a huge impact on how businesses and governments operate and on the way people organize their everyday lives. Financial services industry is the one experiencing the biggest impact of the blockchain disruption so far, while financial institutions are among the first adopters of the technology. At the same time, being a relatively traditional industry, shipping has not yet seen many use cases with blockchain, but the technology is able to change this industry dramatically. Aim and tasks. As the industries of finance and shipping have huge potential in the blockchain space and often interact, determining how the blockchain technology adoption can influence the industries of finance and shipping in the future was the main purpose of this article. Research results. To fulfill this purpose, it was important to describe the origins of the blockchain technology, its main characteristics, functioning principles and consensus algorithms. Supported by the recent hype, cryptocurrencies are the biggest use case for blockchain so far, therefore, the article analyzes the largest of them, including Bitcoin, Ethereum and some others, as well as the cryptocurrency market as a whole. The level of worldwide adoption of blockchain and the overall market size are defined further in the article. Various applications in finance are also mentioned, paying particular attention to the insurance industry. Based on this information, the key areas in which blockchain can disrupt finance and insurance are identified. As the number of blockchain companies increases rapidly, the two main fundraising channels for such companies, venture capital and initial coin offering, are analyzed and compared. The ways in which blockchain may impact the shipping services industry are identified further. Conclusion. Afterwards, the article describes a number of blockchain consortia formed by public institutions and private entities to research and test possible applications of the technology across various industries and countries. While the potential of blockchain is still largely undiscovered, all the gathered information and performed research help to make a conclusion that the blockchain technology will have a big impact on many different industries, including financial and shipping services. The coming years will definitely see an exponentially growing interest in blockchain in academic and business fields, as the technology becomes more and more mainstream.

scholarly journals Blockchain-based Secure Big Data Storage on Cloud

2020 ◽  
Vol 9 (4) ◽  
pp. 37-45
Keyword(s):  
Big Data ◽  
Comparative Analysis ◽  
Data Storage ◽  
Data Security ◽  
Cloud Storage ◽  
Information Technologies ◽  
Mobile Cloud ◽  
Blockchain Technology ◽  
Data Authentication ◽  
Big Data Storage

In the cryptocurrency era, Blockchain is one of the expeditiously growing information technologies that help in providing security to the data. Data tampering and authentication problems generally occur in centralized servers while sharing and storing the data. Blockchain provides the platform for big data and cloud storage in enhancing the security by evading from pernicious users. In this paper, we have discussed the exhaustive description of blockchain and its need, features and applications. Analysis of blockchain is done for different domains such as big data, cloud, internet of things and mobile cloud where the differences V’s are compared with big data and blockchain. SWOT (Strength Weakness Opportunities Threats) analysis is performed to address the merits and limitations in blockchain technology. The survey in aspects of data security, data storage, data sharing and data authentication through blockchain technology is done and the challenges are discussed to overcome the problem that leads in big data and cloud storage. The detailed comparative analysis proves that the blockchain technology overcomes the problems in big data storage and data security in cloud.

scholarly journals Improved PBFT Algorithm For High-Frequency Trading Scenarios of Alliance Blockchain

2022 ◽  
Author(s):  
Song Tang ◽  
Zhiqiang Wang ◽  
Jian Jiang ◽  
Suli Ge ◽  
GaiFang Tan
Keyword(s):  
High Frequency ◽  
Communication Overhead ◽  
Byzantine Fault Tolerance ◽  
Consensus Process ◽  
Network Nodes ◽  
Consensus Algorithms ◽  
Blockchain Technology ◽  
Information Interaction ◽  
Simple Selection ◽  
Selection Of

Abstract With the continuous development of blockchain technology and the emergence of application scenarios, consensus algorithms are still the bottleneck restricting the number of network nodes and data writing efficiency that blockchain can support. How to improve the performance of alliance blockchains safely and efficiently has become an urgent problem to be solved at present. For the practical Byzantine fault tolerance algorithm (PBFT) commonly used in alliance blockchains, there are some problems, such as large communication overhead, simple selection of master nodes, and inability to expand and exit nodes dynamically in the network. This paper proposes an improved algorithm tPBFT (trust-based practical Byzantine algorithm), which is suitable for the high-frequency transaction scenario of alliance chains and introduces a trust interest scoring mechanism between network nodes to adjust the list of consensus nodes dynamically, simplify the PBFT consensus process and reduce the interaction overhead between network nodes. Theoretical analysis and experiments show that the improved tPBFT algorithm can effectively reduce the amount of information interaction between nodes, improve consensus efficiency and support more network nodes.

scholarly journals Comparative analysis of blockchain technology to support digital transformation in ports and shipping

2021 ◽  
Vol 31 (1) ◽  
pp. 55-69
Author(s):  
Dimah H. Alahmadi ◽  
Fatmah Abdulrahman Baothman ◽  
Mona M. Alrajhi ◽  
Fatimah S. Alshahrani ◽  
Hawazin Z. Albalawi
Keyword(s):  
Comparative Analysis ◽  
Supply Chains ◽  
Review Article ◽  
Digital Transformation ◽  
Shipping Industry ◽  
Blockchain Technology ◽  
Secure Environment ◽  
Sophisticated Technology

Abstract Blockchain is one of the technologies that can support digital transformation in industries in many aspects. This sophisticated technology can provide a decentralized, transparent, and secure environment for organizations and businesses. This review article discusses the adoption of blockchain in the ports and shipping industry to support digital transformation. It also explores the integration of this technology into the current ports and shipping ecosystem. Besides, the study highlighted the situation of the supply chains management in ports and shipping domain as a case study in this field. The investigated studies show that blockchain can be integrated into processes such as financial and document workflow. This review contributes to research by focusing on the adoption of blockchain in the ports and shipping industry to support digital transformation. It also aims to understand the existing port practice and map it with current tendencies based on blockchain. This study gives insight analysis to incorporate blockchain technology into ports and shipping processes globally.

A Comparatıve Analysis on Three Consensus Algorithms

2021 ◽  
pp. 369-383
Author(s):  
Aswathi A. Menon ◽  
T. Saranya ◽  
Sheetal Sureshbabu ◽  
A. S. Mahesh
Keyword(s):  
Comparative Analysis ◽  
Consensus Algorithms
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