Consensus Algorithms and Distributed Ledger Technology for Decentralized Systems

Abstract

Blockchain is an example of a decentralized system that relies heavily on two key technologies: consensus algorithms and distributed ledger technology. These technologies make it possible to conduct trustless and secure transactions without the requirement for a central authority to oversee them. In this article, we will discuss the history of decentralized systems, the function of consensus algorithms, as well as the positives and negatives associated with distributed ledger technology. In addition, we conduct an analysis of a selection of consensus algorithms and give case studies of distributed systems that make use of a variety of consensus algorithms. The purpose of this work is to contribute to the current body of research by providing a comprehensive review of consensus algorithms, distributed ledger technology, and the practical applications of these topics. In conclusion, we will examine the ramifications of this fast-advancing topic as well as the potential it presents for future research.