An Exploration of Blockchain Technology
Amardeep Saha, Bam Bahadur Sinha · Auerbach Publications eBooks · 2023
Generally, for a block to be added to a blockchain network, a majority of the participants in the network should come to an agreement regarding the data being stored, and this is termed consensus. Various consensus algorithms are currently being used to maintain the immutability of various blockchain ecosystems. A detailed survey and quantitative analysis to provide a better understanding of all existing consensus algorithms is provided in this paper. The impact of blockchain on the environment and how any harm being done could be minimized, application domains currently present, and various other hypothetical domains that can exploit blockchain for the greater good are also discussed. Lastly, a few of the many open challenges and research opportunities present in the field and our take on them are discussed.