SoK: A Taxonomy for Critical Analysis of Consensus Mechanisms in Consortium Blockchain
Published in IEEE Access (Authors: Wei Yao, Fadi P Deek, Renita Murimi, Guiling Wang), 2024
Consensus algorithms are central to blockchain technology and an emerging research area. In this paper, we begin with an overview of the different types and architectures of blockchain networks. Then, with a focus on consortium blockchains, we survey, classify, and assess their principal consensus mechanisms. Furthermore, as consensus mechanisms determine network reliability, enhance performance efficiency, and ensure system security, we conduct a critical analysis of the strengths and weaknesses of consensus algorithms using a taxonomy of three different criteria: reliability, performance, and security. We conclude with insights into current and future research challenges and opportunities in this domain.