Effectiveness Analysis Of Blockchain Mechanisms Using Consensus Algorithms

Abstract

Recently, along with the development of information technology, blockchain technology has been developing all over the world. On the basis of blockchain technology, it will be possible to develop the digital economy, ensure information security, and increase reliability in data exchange. Due to the high potential of blockchain technology, it has led to the study of its wide application in various fields. These processes have led to the creation of blockchain-based systems for various purposes. Some blockchain mechanisms can also be used to increase data reliability in information systems that provide services in computer networks. However, at the same time, most of the blockchain-based systems have several disadvantages related to their performance and security. To solve these shortcomings, it is necessary to improve the security of blockchain-based systems. The main component of any blockchain-based system is its important consensus algorithm, which in many ways makes it possible to ensure the authenticity and security of information. Consensus algorithms serve to prove the authenticity of executed transactions. The application of consensus algorithms to the blockchain technology, depending on the functional task, allows to increase the reliability of the data. In this article, the effectiveness of using consensus algorithms based on blockchain mechanisms is studied.