Abstract
AbstractBlockchain technology has emerged as a new security technology that offers a variety of benefits to numerous businesses. Blockchain is working on the concept of distributed ledger technology. Multiple industries are adopting blockchain technology due to its different features like distributed networks, consensus mechanisms, and transparency. Blockchain technology gives a great impact on the business environment. Blockchain technology does not involve third-party interference and provides security and transparency to data. The data inside the blockchain is immutable, and no one will be modified it or delete it. Smart contracts and consensus algorithms are the major components of blockchain technology. A smart contract is a sort of computer software that establishes agreements between the nodes of a blockchain network’s participants. Few major consensus algorithms are PoW, PoS, PBFT, DPoS, and tendermint. This paper evaluates the different consensus algorithms and principles behind using it. Paper demonstrates the steps to be followed for the implementation of consensus algorithms.KeywordsBlockchainSecurityMiningHashingConsensus algorithms
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