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

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...

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Bibliographic Details
Published in:IEEE access 2024-01, Vol.12, p.1-1
Main Authors: Hossan, Md. Rifat, Nirob, Foyasl Ahamed, Islam, Arafat, Rakin, Tanjim Mahmud, Al-Amin, Md
Format: Article
Language:English
Subjects:
Algorithms
Bitcoin
Blockchain
Blockchains
Consensus mechanism
Consensus protocol
Cryptocurrency
Cryptography
Decentralization
Digital currencies
Distributed ledger
Distributed ledger technology (DLT)
Hash function
Immutable ledger
Interoperability
Mining
Node
Privacy
Security
Smart contracts
Supply chains
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Summary: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.
ISSN:2169-3536
2169-3536
DOI:10.1109/ACCESS.2024.3395536