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A Comprehensive Analysis of Blockchain Technology and Consensus Protocols Across Multilayered Framework | IEEE Journals & Magazine | IEEE Xplore

A Comprehensive Analysis of Blockchain Technology and Consensus Protocols Across Multilayered Framework


Abstract:

Blockchain, a distributed and digital ledger technology, has the potential to transform several industries from cryptocurrencies to supply chains. However, the complexity...Show More

Abstract:

Blockchain, a distributed and digital ledger technology, has the potential to transform several industries from cryptocurrencies to supply chains. However, the complexity of understanding the technology can be a challenge for most people, especially for newcomers. This study paper aims to provide an in-depth analysis and review of the different layers including the data, network, consensus, smart contract, and application layers. In this paper, we performed an in-depth analysis and review of the components of each layer. We also tried to simulate different consensus algorithms so a reader can understand which blockchain consensus algorithm can be chosen for a specific application. By reading this paper, a reader can understand the blockchain architecture and choose the right algorithms, languages and protocols for building their own blockchain network. The paper also addresses the challenges and difficulties of building a sustainable and secure blockchain. We believe that the choice of consensus algorithm is the most important thing for sustainability in a blockchain network. We show that some consensus algorithms use much more energy than others, and we suggest that developers choose consensus algorithms that use less energy. This paper is a great resource for anyone who wants to learn more about blockchain architecture and consensus algorithms. It gives a complete review of the subject and talks about the difficulties of making a blockchain that will be secure and sustainable. Researchers, developers, and anyone else interested in the future of blockchain technology will be interested in this study.
Published in: IEEE Access ( Volume: 12)
Page(s): 63087 - 63129
Date of Publication: 30 April 2024
Electronic ISSN: 2169-3536

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