eprintid: 13888
rev_number: 2
eprint_status: archive
userid: 1
dir: disk0/00/01/38/88
datestamp: 2023-11-10 03:28:27
lastmod: 2023-11-10 03:28:27
status_changed: 2023-11-10 01:52:14
type: conference_item
metadata_visibility: show
creators_name: Khan, D.
creators_name: Jung, L.T.
creators_name: Ahmed Hashmani, M.
creators_name: Waqas, A.
title: A Critical Review of Blockchain Consensus Model
ispublished: pub
keywords: Cryptocurrency, Consensus models; Critical review; Final decision; Network bandwidth; Transaction throughput, Blockchain
note: cited By 14; Conference of 3rd International Conference on Computing, Mathematics and Engineering Technologies, iCoMET 2020 ; Conference Date: 29 January 2020 Through 30 January 2020; Conference Code:159464
abstract: The state-of-art Blockchain technology has been receiving enormous attention from researchers and industry practitioners in recent years. Basically Blockchain is a distributed immutable ledgerutilized by user mainly to perform transactions across various nodes in a blockchain network after a mutual consensus of all the associated nodes in the network. Noticeably, Blockchain is made famous by the Bitcoin cryptocurrency. As of 2017 Blockchain has seen to disrupt many applications to a global worth of 150B. The consensus models are responsible for the process of reaching an agreement between all nodes in blockchain to accept a new block. The consensus model plays a vital role in sustaining Blockchain efficiency. Using the right consensus model can significantly increase the performance of blockchain operation. The consensus models can be divided into two categories. The first category is the proof-based consensus model whereby a node in the Blockchain performs enough proof over other nodes to gain a chance to append the next block to the chain. The second category is the voting-based model in which nodes need to share their results in verifying a transaction of a new block before a final decision is reached. In this paper we discuss the characteristics of some major existing consensus models and provide some critical reviews on their performances. The reviewis mainly concerning these aspects: transaction throughput, latency, network bandwidth, and storage. © 2020 IEEE.
date: 2020
publisher: Institute of Electrical and Electronics Engineers Inc.
official_url: https://www.scopus.com/inward/record.uri?eid=2-s2.0-85084642588&doi=10.1109%2fiCoMET48670.2020.9074107&partnerID=40&md5=2d59ef0b2cf46cc56da2cfbf73aa54b0
id_number: 10.1109/iCoMET48670.2020.9074107
full_text_status: none
publication: 2020 3rd International Conference on Computing, Mathematics and Engineering Technologies: Idea to Innovation for Building the Knowledge Economy, iCoMET 2020
refereed: TRUE
isbn: 9781728149707
citation:   Khan, D. and Jung, L.T. and Ahmed Hashmani, M. and Waqas, A.  (2020) A Critical Review of Blockchain Consensus Model.  In: UNSPECIFIED.