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Blockchain: consensus algorithm key performance indicators, trade-offs, current trends, common drawbacks, and novel solution proposals

Merrad, Yacine and Habaebi, Mohamed Hadi and Elsheikh, Elfatih A. A. and Suliman, Fakher Eldin. M. and Islam, Md. Rafiqul and Gunawan, Teddy Surya and Mesri, Mokhtaria (2022) Blockchain: consensus algorithm key performance indicators, trade-offs, current trends, common drawbacks, and novel solution proposals. Mathematics, 10 (15). pp. 1-35. ISSN 2227-7390

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Consensus protocols stand behind the success of blockchain technology. This is because parties that distrust each other can make secure transactions without the oversight of a central authority. The first consensus protocol emerged with Bitcoin. Since then, many others have appeared. Some of them have been implemented by official blockchain platforms, whereas others, for the time being, remain as proposals. A blockchain consensus is a trade-off. The new solutions promise to overcome the known drawbacks of blockchain, but they may also bring new vulnerabilities. Moreover, blockchain performance metrics are not clearly defined, as some metrics, such as delay and throughput, which are key factors for the efficiency of standard networks, are purposely constrained by most mainstream blockchain platforms. The main body of this paper consolidates knowledge of blockchains, focusing on the seminal consensus protocols in large-scale market capitalization platforms, and how consensus is achieved for large-scale, decentralized, blockchain architectures. The benefits, limitations, and tradeoffs, as well as the subsequent trend in current consensus development, and its limitations as a general paradigm, are highlighted. The paper also sheds light on overlooked potential performance metrics, and it proposes some novel solutions to some of the identified problems.

Item Type: Article (Review)
Uncontrolled Keywords: blockchain; consensus; decentralization; performance metrics; tradeoffs; proposals
Subjects: T Technology > TK Electrical engineering. Electronics Nuclear engineering > TK7800 Electronics. Computer engineering. Computer hardware. Photoelectronic devices > TK7885 Computer engineering
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Kulliyyah of Engineering
Kulliyyah of Engineering > Department of Electrical and Computer Engineering
Depositing User: Dr. Mohamed Hadi Habaebi
Date Deposited: 04 Aug 2022 08:55
Last Modified: 04 Aug 2022 08:55
URI: http://irep.iium.edu.my/id/eprint/99198

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