Blockchain : Comparative Analysis of Public and Private networks
Omkar Manohar Ghag, Vidya Chitre · Journal of Emerging Technologies and Innovative Research · 2019
Blockchain technologies have grown swiftly in recent years, primarily due to the advent of Bitcoin. Blockchain is a consensus of data structures or blocks programmed for cryptographically storing organized data, which is spread across nodes, so that various operations can be executed on it. Originally blockchain was designed for storing digital coins as system states and now has grown beyond crypto-currencies to support user-defined decentralized autonomous applications or smart contracts with Ethereum. Growing interest from the industry and wide range of applications has triggered development of new blockchain platforms. As the technology is progressing quickly, it is necessary and challenging to have a more profound perspective of what the core technology platforms have to provide in order to establish which blockchain implementation should be leveraged for a particular application. We therefore grasp the key aspects of blockchain and compare how the current blockchain implementations are different from each other, both qualitatively and quantitatively in terms of design architecture, codebase, consensus algorithms and performance. Drawing from the comparison we identify the current challenges as well as performance issues in blockchain adoption, thus suggesting possible solutions and future implementations to improve performance of blockchain and provide subsequent research directions.