Analysis of Consensus Algorithms in context of the Blockchain based Applications

Redesigning the current procedures and incorporating blockchain technology into them, much can be accomplished. Blockchain has the potential to upend corporate models by increasing their efficiency. The blockchain is promising in many respects because of its immutability, transparency, provenance, and disintermediation in a distributed environment. In order to obtain the best results, it is crucial to understand when to use blockchain solutions to the processes and when to avoid doing so. This paper has contribution in three folds. Firstly, the evolution of blockchain, types of blockchain and their suitability based upon the use cases has been reviewed. Secondly, it provides the parametric review of consensus mechanisms based upon energy efficiency, throughput, finality of the transactions. Finally, this paper reviews the factors which can help determine the suitability for blockchain based applications.