An Analysis on Consensus Protocols in Permissioned Blockchain

Lam, Xue Er (2019) An Analysis on Consensus Protocols in Permissioned Blockchain. Final Year Project (Bachelor), Tunku Abdul Rahman University College.

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Abstract

Blockchain had attracted many organizations around the world because it is a new technology that act as a distributed ledger and can be used to recording transactions. The most unique part of blockchain is it maintained by many nodes without central authority through a distributed cryptographic protocol. In blockchain technology, all the nodes will validate the information that to be appended to the blockchain. Then, blockchain will updated via the consensus protocol which used to ensure an unequivocal, common ordering of transactions and blocks. Besides, consensus protocol also guarantees the consistency and integrity of the blockchain across geographically distributed nodes. As Blockchain being more popular and useful nowadays, many developers try to figure out the new consensus protocol to fit into the different types of blockchain. That is, it cause many people confused about the consensus protocols and have no idea which is the best or most accurate one that can be applied to the blockchain system especially permissioned blockchain since it can provide integrity and confidentiality simultaneously. Furthermore, there will be some differences between the consensus protocol that apply to the public blockchain and permissioned blockchain. Therefore, too many consensus protocols and it makes the user or scholar who want to learn more about consensus protocol perplexed. In order to solve those problems, several comparisons between the consensus protocols will be provided along with detailed explanation. This paper aims to provide a comprehensive description on the underlying principle, nature, operations and algorithm of the consensus protocols by reviewing the whitepaper of the consensus protocols, research papers from professionals, journals, consensus protocols sharing platforms, etc. Lastly, the author proposed some improvements/suggestions to solve the limitations in certain consensus protocols.