A Comprehensive Review of Blockchain Consensus Mechanisms

Abstract

Since the advent of distributed ledger technologies, they have provided diverse opportunities in a wide range of application domains. This article brings a comprehensive review of the fundamentals of distributed ledger and its variants. Analyzing 185 publications, ranging from academic journals to industry websites, it provides a comparative analysis of 130 consensus algorithms using a novel architectural classification. The distribution of the reviewed algorithms is analyzed in terms of the proposed classification and different application domains, along with the applicability of each class among the top 10 platforms in the most prominent blockchain application domains. Additional conclusions are drawn from the evolution of consensus mechanisms, and the analysis concludes envisaging future prospects for consensus as an important part of distributed ledger technology.