Abstract
Blockchain technology became a well-known and sought-after research topic in the scientific field initially in 2008 through the Bitcoin cryptocurrency platform. Blockchain usually refers to a distributed system, consisting of peer nodes, secure due to data encryption, digital signature and distributed nature. At its core it has a decentralized character and operates with basic principles such as anonymity and immutability. This fact makes it an interesting candidate to act as a medium for conducting online transactions through cryptocurrencies or other applications in the wider context of technology (e.g. smart contracts). The key feature of this technology is the mechanisms and techniques that are taking place in order to have consensus in the system. These mechanisms are referred to the rules and algorithmic processes that must be followed by the participating nodes for the smooth and efficient operation in a Blockchain system. These processes, among other things, usually involve solving mathematical functions or performing voting rounds between nodes, depending on the consensus mechanism used. The purpose of this thesis is the study and analysis of the basic and most widespread mechanisms and techniques of consensus, through literature research. Starting from Byzantine Generals problem, the necessity for the existence of a consensus mechanism in distributed environments is strongly depicted. To the end, we have studied some of the basic and most common consensus mechanisms such as PoW, PoS, PBFT, DPoS etc. which are analyzed. in terms of efficiency, security, finality and speed of transactions. Finally, the three basic types of Blockchain systems, Public-Private-Consortium, are studied in terms of the differences that govern them in characteristics such as decentralization/centralization rate, anonymity, request for permission to participate in the consensus algorithm, etc. The results of the analysis of the consensus techniques and the systems were summarized in corresponding tables for easier reading of their most essential characteristics.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
