A Systematic Review of Consensus Mechanisms in Blockchain
Sisi Zhou, Kuanching Li, Lijun Xiao, Jiahong Cai, Wei Liang, Arcangelo Castiglione
Source abstract
Since the birth of Bitcoin, blockchain has shifted from a critical cryptocurrency technology to an enabling technology. Due to its immutability and trustworthiness, blockchain has revolutionized many fields requiring credibility and high-quality data for decision making. Particularly in business intelligence and business process management, users can use blockchain to build their blockchain-enabled collaboration and data-sharing ecosystem with their partners. In this paper, we present the development process of blockchain and consensus mechanisms, where important blockchain consensus mechanisms are introduced. The consensus mechanism is the kernel among various blockchain components to ensure security and performance. Again, we present a comparison of these consensus mechanisms from different perspectives. We take the blockchain-enabling business as an example and analyze the relationship between blockchain and business process characteristics and the ideas and principles for selecting consensus mechanisms. Finally, we describe the differences and connections among many consensus mechanisms while laying a foundation for selecting appropriate consensus mechanisms for different scenarios and fields of application.
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