Evaluation of Performance and Security of Proof of Work and Proof of Stake using Blockchain

Storing information in Blockchain has become in vogue in the Technical and Communication Industry with many major players jumping into the bandwagon. Two of the most prominent enablers for Blockchain are “Proof of Work” and “Proof of Stake”. Proof of work includes the members solving the complex problem without having a particular need for the solution (except as evidence, of course), which absorbs a large number of resources in turn. The proof of stake doesn’t require as many resources to enable Blockchain secure information store. Both methodologies have their advantages and their shortcomings. The article attempts to review the current literature and collate the results of the study to measure the performance of both the methodologies and to arrive at a consensus regarding either or both methodologies to implement Blockchain to store data. Post reviewing the performance aspects and security features of both Proofs of Stake and Proof of Work the reviewer attempts to arrive at a secure and better performing blended Blockchain methodology that has wide industry practical application.