Comparative Analysis of Consensus Algorithms of Blockchain Technology

Abstract

In today’s era of big data and machine learning, IoT is playing a very crucial role in nearly all areas like social, economic, political, education, health care. This drastic increase in data creates security, privacy, and trust issues in the era of the Internet. The responsibility of IT is to ensure the privacy and security for huge incoming information and data due to the drastic evolution of the IoT in the coming years. The blockchain has emerged as one of the major technologies that have the potential to transform the way of sharing the huge information and increase trust among. Building trust in a distributed and decentralized environment without the call for a trusted third party is a technological challenge for researchers. Due to the emergence of IoT, the huge and critical information is available over the Internet. The trust over the information is reduced drastically, causing an increase in security and privacy concern day by day. Blockchain is one of the best-emerging technologies for ensuring privacy and security by using cryptographic algorithms and hashing. We will discuss the basics of blockchain technology, consensus algorithms, comparison of important consensus algorithms, and areas of application.