Blockchain Consensus Algorithms



We Bitdeal , Leading Blockchain Development Company can help you in building a blockchain with best Consensus Algorithm that suits for your business services . Our Blokchain experts often undergoes R & D process and always finds the best algorithms out of choices to develop a blockchain .

 Here in this article we are gonna look at the concept of Consensus Algorithms which tends to be the soul of blockchain technology . 

 What is Consensus Algorithms ?

 In the field of computer science , to solve the consensus problems there are several proposed protocols which are termed as consensus algorithms . Consensus Algorithms are mechanisms  used to achieve agreement on a single data value over distributed systems . 

 In Simple Words , Consensus algorithm is a process of decision making within a group of individuals . Here all the individuals support for the decision that benefits most of the individuals .Consensus algorithms donot supports for majority of voting , but it agrees to the one choice which benefits everyone in the group .

 What is Blockchain ?

 We all know , Blockchain is a Distributed Ledger Technology that plays a gigantic role in this digital globe . Blockchain Technology supports for decentralized and it is immutable in nature . At first blockchain is build for the storage of transaction details of bitcoins and cryptocurrencies. 

 By knowing the benefits of blockchain technology , every industries adopts this technology to make a upliftment and a development in their business . Let us explain some of the important terms related to blockchain in a sentence for your quick review .

 Nodes : All connections or devices that are accessible within a blockchain network are termed as nodes.

 Minning : The validation process of crypto transactions and adding it in the blockchain network is known as crypto minning .

 Hash Functions : The mathematical functions used in cryptography which takes inputs of varying length to produce fixed length outputs are called as hash functions .
Get a detailed information about Blockchain Technology and its related terms in our previous article :  What is Blockchain Technology ? How it works?

 Consensus Algorithms - The Life Force of Blockchain 

 Blockchain is a way of organizing a database into different blocks that are interconnected . The blockchain technology alone doesnot posssess the distributed nature . It does not provide decentralized environment . It is the Consensus Algorithm that makes blockchain completely decentralized in nature .

 Thus blockchain is only capable of building different blocks of database which won't be decentralized in nature . We need consensus algorithm to make blockchain into decentralized database . 
"Blockchain is just a framework ; 
Consensus Algorithm is the life force of Blockchain "

 Why Consensus Algorithms ?

 Consensus Algorithm makes an agreement  with the help of majority votes and this benefits all the individuals in the blockchain network .This is why when there could be contradictory results in a distributed system; use of  consensus algorithms helps for better output .

 The main problem with Byzantine is the difficulty to reach on an agreement. If a single fault occurs, all nodes can’t come to an agreement and this results in higher difficulty . Thus Consensus algorithms are being used in blockchain decentralization .

To know about different types of consensus algorithms , have a look at this blog : 
Blockchain Consensus Algorithms & Mechanisms : Explained

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