Abstract
Blockchain is the backbone of digital cryptocurrency systems, and it eliminates the need for a central authority in a decentralized network. Blockchain is a system that allows the sharing of information securely and transparently in a peer-to-peer connected decentralized network consisting of untrustable users. Blockchain technology ensures security, equality, and fairness of the system by following a well-defined set of rules known as a consensus protocol. These consensus protocols are at the core of blockchain technology and secure the network from various attacks and frauds. It is nearly impossible to breach a system following these protocols. There are various consensus protocols, each with its advantages and disadvantages. In this paper, we have discussed various consensus protocols in terms of performance, fairness, resource requirements, and security breaches. We have discussed the working of typical blockchain technology by describing major concepts in the implementation of Bitcoin technology. We also discussed the most common security breaches in decentralized systems.
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Chauhan, A., Rishabh, Shankar, L.N., Mittal, P. (2022). A Deep Dive into Blockchain Consensus Protocols. In: Zhang, YD., Senjyu, T., So-In, C., Joshi, A. (eds) Smart Trends in Computing and Communications. Lecture Notes in Networks and Systems, vol 286. Springer, Singapore. https://doi.org/10.1007/978-981-16-4016-2_54
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DOI: https://doi.org/10.1007/978-981-16-4016-2_54
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