scholarly journals Research and Applied Perspective to Blockchain Technology: A Comprehensive Survey

2021 ◽  
Vol 11 (14) ◽  
pp. 6252
Author(s):  
Sumaira Johar ◽  
Naveed Ahmad ◽  
Warda Asher ◽  
Haitham Cruickshank ◽  
Amad Durrani
Keyword(s):  
Consensus Algorithm ◽  
Consensus Methods ◽  
Central Authority ◽  
Research Gaps ◽  
Consensus Algorithms ◽  
Development Platform ◽  
Initial Application ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Comprehensive Survey

Blockchain being a leading technology in the 21st century is revolutionizing each sector of life. Services are being provided and upgraded using its salient features and fruitful characteristics. Businesses are being enhanced by using this technology. Countries are shifting towards digital currencies i.e., an initial application of blockchain application. It omits the need of central authority by its distributed ledger functionality. This distributed ledger is achieved by using a consensus mechanism in blockchain. A consensus algorithm plays a core role in the implementation of blockchain. Any application implementing blockchain uses consensus algorithms to achieve its desired task. In this paper, we focus on provisioning of a comparative analysis of blockchain’s consensus algorithms with respect to the type of application. Furthermore, we discuss the development platforms as well as technologies of blockchain. The aim of the paper is to provide knowledge from basic to extensive from blockchain architecture to consensus methods, from applications to development platform, from challenges and issues to blockchain research gaps in various areas.

A Brief Analysis of Blockchain Algorithms and Its Challenges

2019 ◽  
pp. 69-85
Author(s):  
Rajalakshmi Krishnamurthi ◽  
Tuhina Shree
Keyword(s):  
Internet Of Things ◽  
Financial Services ◽  
Distributed Database ◽  
Consensus Algorithm ◽  
Central Authority ◽  
Consensus Protocol ◽  
Consensus Algorithms ◽  
The Core ◽  
Blockchain Technology ◽  
Comparison Algorithms

Blockchain is the world's most trusted service. It serves as a ledger that allows transaction to take place in a decentralized manner. There are so many applications based on blockchain technology, including those covering numerous fields like financial services, non-financial services, internet of things (IoT), and so on. Blockchain combines a distributed database and decentralized ledger without the need of verification by central authority. This chapter surveys the different consensus algorithms, blockchain challenges, and their scope. There are still many challenges of this technology, such as scalability and security problems, waiting to be overcome. The consensus algorithms of blockchain are proof of work (POW), proof of stake (POS), ripple protocol consensus algorithm (RPCA), delegated proof of stake (dPOS), stellar consensus protocol (SCP), and proof of importance (POI). This chapter discusses the core concept of blockchain and some mining techniques, consensus problems, and consensus algorithms and comparison algorithms on the basis of performance.

A Brief Analysis of Blockchain Algorithms and Its Challenges

2021 ◽  
pp. 23-39
Author(s):  
Rajalakshmi Krishnamurthi ◽  
Tuhina Shree
Keyword(s):  
Internet Of Things ◽  
Financial Services ◽  
Distributed Database ◽  
Consensus Algorithm ◽  
Central Authority ◽  
Consensus Protocol ◽  
Consensus Algorithms ◽  
The Core ◽  
Blockchain Technology ◽  
Comparison Algorithms

Blockchain is the world's most trusted service. It serves as a ledger that allows transaction to take place in a decentralized manner. There are so many applications based on blockchain technology, including those covering numerous fields like financial services, non-financial services, internet of things (IoT), and so on. Blockchain combines a distributed database and decentralized ledger without the need of verification by central authority. This chapter surveys the different consensus algorithms, blockchain challenges, and their scope. There are still many challenges of this technology, such as scalability and security problems, waiting to be overcome. The consensus algorithms of blockchain are proof of work (POW), proof of stake (POS), ripple protocol consensus algorithm (RPCA), delegated proof of stake (dPOS), stellar consensus protocol (SCP), and proof of importance (POI). This chapter discusses the core concept of blockchain and some mining techniques, consensus problems, and consensus algorithms and comparison algorithms on the basis of performance.

scholarly journals Consensus Algorithms Blockchain: A comparative study

2019 ◽  
Vol 5 (2) ◽  
pp. 66-71
Author(s):  
Siham Hattab ◽  
Imad Fakhri Taha Alyaseen
Keyword(s):  
Comparative Study ◽  
Peer To Peer ◽  
The State ◽  
Verification And Validation ◽  
Consensus Algorithm ◽  
Consensus Algorithms ◽  
The Public ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Encrypted Database

A blockchain is a Distributed Ledger Technology that has been defined as a “distributed, 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.

scholarly journals Optimizing the Resource Consumption of Blockchain Technology in Business Systems

2020 ◽  
Vol 11 (3) ◽  
pp. 78-92
Author(s):  
Vedran Juričić ◽  
Matea Radošević ◽  
Ena Fuzul
Keyword(s):  
Business Processes ◽  
Consensus Algorithm ◽  
Business Systems ◽  
Suitable Alternative ◽  
Consensus Algorithms ◽  
Blockchain Technology ◽  
Current State ◽  
Complete Problems ◽  
Digital Asset ◽  
Np Complete

AbstractBackgroundBlockchain technology has gained a great public interest due to the appearance of cryptocurrencies, a digital asset used for exchanging funds. Although blockchain calculations offer the benefits of security and reduced costs, blockchain is still strongly criticised for its lack of usefulness and resource-heavy consumption.ObjectivesThe aim of this research is to provide different insights into blockchain technology and to propose NP-complete problems as a suitable alternative to the current consensus algorithm.Methods/approachThis research discusses the current state of proposed alternatives, projects such as distributed volunteering for scientific purposes and different consensus algorithms within cryptocurrencies but focusing on incorporating NP-complete problems as a secondary, more useful option.ResultsUsing the properties of NP-complete problems, it is possible to solve various problems in different areas, such as science, biology, medicine and finance, but also to improve business processes, optimize markets, payments and supply chains while decreasing environmental costs.ConclusionsThis paper shows that the alternative mechanisms are being developed and used to substitute an existing Blockchain algorithm with a more efficient one. It also suggests further investigation in this area because the alternatives greatly improve blockchain’s usability and efficiency.

scholarly journals Hybrid Consensus Algorithm Based on Modified Proof-of-Probability and DPoS

2020 ◽  
Vol 12 (8) ◽  
pp. 122
Author(s):  
Baocheng Wang ◽  
Zetao Li ◽  
Haibin Li
Keyword(s):  
Data Consistency ◽  
Consensus Algorithm ◽  
Sorting Algorithm ◽  
System Efficiency ◽  
Malicious Nodes ◽  
Computing Power ◽  
Consensus Algorithms ◽  
Blockchain Technology ◽  
Modulo Operation ◽  
The Cost

As the core of blockchain technology, the consensus algorithm plays an important role in determining the security, data consistency, and efficiency of blockchain systems. The existing mainstream consensus algorithm is experiencing difficulties satisfying the needs of efficiency, security, and decentralization in real-world scenarios. This paper proposes a hybrid consensus algorithm based on modified Proof-of-Probability and Delegated Proof-of-Stake. In this method, the work of block generation and validation is, respectively, completed by the nodes using the modified Proof-of-Probability consensus algorithm and Delegated Proof-of-Stake consensus algorithm. When a transaction occurs, the system sends several target hash values to the whole network. Each modified Proof-of-Probability node has a different sorting algorithm, so they have different mining priorities. Every time a hash is decrypted by a modified Proof-of-Probability node, the modulo operation is done to the value of nonce, which is then compared with the expected value given by the supernode selected by the Delegated Proof-of-Stake nodes. If they are not the same, the Proof-of-Probability node enters the waiting time and the other Proof-of-Probability nodes continue to mine. By adopting two consensus algorithms, the malicious nodes must control more than 51% of the nodes that adopt the two consensus algorithms, at the same time, to effectively attack the system, that is, they must have more than 51% of the computing power and more than 51% of the tokens. This not only increases the cost of malicious attacks, but also reduces waste of computing power. In addition, the efficiency of the DPoS algorithm makes up for the deficiency of the PoP algorithm in system efficiency, and the mining behavior based on probability in the PoP algorithm also significantly weakens the ability of supernodes in the DPoS algorithm to conduct monopoly behavior or other malicious behaviors. In a word, the combination of the two algorithms makes the system perform better in terms of security, system efficiency, and decentralization.

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 Efficient Byzantine Consensus Mechanism Based on Reputation in IoT Blockchain

2021 ◽  
Vol 2021 ◽  
pp. 1-14
Author(s):  
Xu Yuan ◽  
Fang Luo ◽  
Muhammad Zeeshan Haider ◽  
Zhikui Chen ◽  
Yucheng Li
Keyword(s):  
Internet Of Things ◽  
Large Scale ◽  
Consensus Algorithm ◽  
Consensus Algorithms ◽  
Heterogeneous Devices ◽  
Blockchain Technology ◽  
Critical Problems ◽  
Iot Devices ◽  
Reliability And Robustness ◽  
The Internet Of Things

Blockchain technology has advanced rapidly in recent years and is now widely used in a variety of fields. Blockchain appears to be one of the best solutions for managing massive heterogeneous devices while achieving advanced data security and data reputation, particularly in the field of large-scale IoT (Internet of Things) networks. Despite the numerous advantages, there are still challenges while deploying IoT applications on blockchain systems due to the limited storage, power, and computing capability of IoT devices, and some of these problems are caused by the consensus algorithm, which plays a significant role in blockchain systems by ensuring overall system reliability and robustness. Nonetheless, most existing consensus algorithms are prone to poor node reliability, low transaction per second (TPS) rates, and scalability issues. Aiming at some critical problems in the existing consensus algorithms, this paper proposes the Efficient Byzantine Reputation-based Consensus (EBRC) mechanism to resolve the issues raised above. In comparison to traditional algorithms, we reinvented ways to evaluate node reliability and robustness and manage active nodes. Our experiments show that the EBRC algorithm has lower consensus delay, higher throughput, improved security, and lower verification costs. It offers new reference ideas for solving the Internet of Things+blockchain+Internet court construction problem.

scholarly journals An Overview of Blockchain Technology

2018 ◽  
Vol 4 (4) ◽  
pp. 1
Author(s):  
Karthik C
Keyword(s):  
Digital Signature ◽  
Hash Function ◽  
Emerging Technology ◽  
Consensus Algorithm ◽  
Public Key ◽  
Private Key ◽  
Linked List ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
A Chain

Blockchain Technology is an emerging technology nowadays. The Blockchain was first used as a Peer-to-Peer ledger for registering Bitcoin transactions. The blockchain is a singly linked list which consists of a number of transactions. The blockchain is a decentralized distributed ledger which consists of a number of blocks organized in the form of a chain. A block in blockchain consists of two parts data and hash pointer. The first block in the blockchain is known as genesis block. The transactions and data in the block are secured by cryptography. The data inside a block in blockchain can be anything like bank transactions, backup data etc., which are recorded chronologically and publicly. The Hash pointer of a block is a unique code generated by a hash function like SHA256, SHA-3 etc., the hash function used in bitcoin blockchain. A block consists of a public key and a private key, using hash function digital signature is generated to the block. This is how the data inside the blockchain is so secured. The blocks are added into the blockchain by verifying the transaction in the block, the transactions are verified by miners. The miners use consensus algorithm to solve the blocks.

scholarly journals Decentralized Stock and Cryptocurrency Exchange

2021 ◽  
pp. 63-68
Author(s):  
Chetan Shinde ◽  
Atharav Upare ◽  
Vishal Pawar ◽  
Ajay Raut
Keyword(s):  
Consumer Behavior ◽  
Transaction Costs ◽  
Stock Exchange ◽  
Exchange Process ◽  
Central Authority ◽  
Stock Trading ◽  
Consensus Algorithms ◽  
Blockchain Technology ◽  
Hybrid Platform ◽  
Exchange Network

We propose a new blockchain-based framework for a completely decentralized stock market and bitcoin exchange in this paper. By proposing a groundbreaking framework utilizing blockchain to build a decentralized bitcoin and stock exchange network, this paper discusses the shortcomings of conventional centralized stock exchange platforms, High transaction costs, vulnerable centralized governance, and a lack of clarity in consumer behavior and algorithms are just a few of the problems. Blockchain technology consists of a large number of computer nodes that share a shared ledger securely without the need for intermediaries of any sort. The proposed blockchain-based solution addresses the disadvantages of the centralized stock exchange architecture by ensuring the integrity and security of the properties and orders of the owner, by self-enforcing intelligent agreements between parties, and by consensus algorithms, by achieving democratic and effective decisions on the execution and settlement of orders. Intelligent contracts are used in the proposed architecture to enforce the validation of the owner's rights as well as the proper execution and settlement of orders, reducing the need for a central authority to ensure that the stock exchange process is accurate. The proposed system proposes a hybrid platform that incorporates cryptocurrency and stock trading. The solution was tested for a subset of rules for the Stock Exchange by implementing a prototype in Ethereum.

scholarly journals Public Distributed Decentralized System as Blockchain

2021 ◽  
Vol 8 (12) ◽  
pp. 6-8
Author(s):  
Sayali Sandesh Pingale ◽  
Prof. Rohit Bag ◽  
Dr. Mangesh M. Ghonge
Keyword(s):  
Social Networking ◽  
Database System ◽  
Consensus Algorithm ◽  
Central Authority ◽  
Decentralized System ◽  
Design And Implementation ◽  
Blockchain Technology ◽  
System A ◽  
The Right ◽  
Centralized System

Blockchain technology is very useful in multiple areas in our day-to-day world. Along with many social networking platforms there is a possibility of data theft or tampered or data leakage and hence we need our data to be secure and immutable. One of the best solutions to this problem is blockchain technology. It replaced the traditional centralized system with a distributed, decentralized database system. A centralized system requires third parties like servers, banks, or any intermediary for transactions between two users where decentralized systems do not require any central authority to work in between two users. Blockchain technology fully works on a decentralized system. By using a cryptographic consensus algorithm, we achieve privacy, security, and immutability. This paper presents the survey of the most important technology, also presents prerequisites of the technology. The purpose of this paper is too familiar with the innovative, revolutionizing technology as well as awareness of the technology. This paper gives an idea of whether we choose blockchain or not as the right solution for our application based on its characteristics, design, and implementation.

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