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2020•Unpublished venueRequires access

Evaluation of Proof-of-Work Consensus Algorithm for Blockchain Networks

Chandranshu Gupta, Asmita Mahajan

Open publisher page 28 citations

Abstract

Blockchain is an immutable database which is decentralized and distributed. This blockchain is shared by all the nodes in the network and every node has the same state. The transactions in this open distributed ledger are verified and confirmed with the help of consensus algorithms. The transactions, once executed and entered, can never be changed or erased. Bitcoin, the first usecase of blockchain, as a digital money, is based on Proof-of-Work (PoW) consensus protocol. PoW has worked tremendously well and can be useful for many industries. The opportunities are high in this innovative technology, and evolution in this area is just a beginning. This paper has described blockchain technology, the underlying concepts of blockchain and the implementation of Proof-of-Work consensus algorithm along with its performance analysis.

About this research paper

What this paper is about

Blockchain is an immutable database which is decentralized and distributed. This blockchain is shared by all the nodes in the network and every node has the same state. The transactions in this open distributed ledger are verified and confirmed with the help of consensus algorithms. The transactions, once executed and entered, can never be changed or erased. Bitcoin, the first usecase of blockchain, as a digital money, is based on Proof-of-Work (PoW) consensus protocol. PoW has worked tremendously well and can be useful for many industries. The opportunities are high in this innovative technology, and evolution in this area is just a beginning. This paper has described blockchain technology, the underlying concepts of blockchain and the implementation of Proof-of-Work consensus algorithm along with its performance analysis.

Why it matters

OpenAlex reports 28 citations for this work. Citation counts describe recorded attention and do not establish research quality.

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Available abstract

Blockchain is an immutable database which is decentralized and distributed. This blockchain is shared by all the nodes in the network and every node has the same state. The transactions in this open distributed ledger are verified and confirmed with the help of consensus algorithms. The transactions, once executed and entered, can never be changed or erased. Bitcoin, the first usecase of blockchain, as a digital money, is based on Proof-of-Work (PoW) consensus protocol. PoW has worked tremendously well and can be useful for many industries. The opportunities are high in this innovative technology, and evolution in this area is just a beginning. This paper has described blockchain technology, the underlying concepts of blockchain and the implementation of Proof-of-Work consensus algorithm along with its performance analysis.

Key concepts: Blockchain, Proof-of-work system, Consensus algorithm, Distributed ledger, Computer science, Protocol (science), Distributed database, Proof of concept

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