Approaching Solutions to Blockchain Security Trilemma and Consensus Mechanisms
Dipanshu Parashar, Madhav Sharma, Vishnu Sharma, Prama Nand · 2022
Blockchains have been referred to as revolutions that will enable the processing of data and transactions to move from a centralized party to a high-trust decentralized network of different verifying nodes. This paper represents multiple security factors involved in a successful blockchain and reviews blockchain scalability trilemma of decentralization, security, and speed in consideration with multiple consensus mechanisms with emphasis on performance and security. Further, the paper attempts to introduce Proof of Parity as a better way to run blockchain networks in multiple real-time scenarios. This also sheds light on security concerns in Hyperledger fabric or permissioned blockchains.