Blockchain: Consensus Algorithm Key Performance Indicators, Trade-Offs, Current Trends, Common Drawbacks, and Novel Solution Proposals

Yaçine Merrad, Mohamed Hadi Habaebi, Elfatih A. A. Elsheikh, Fakher Eldin. M. Suliman, Md Rafiqul Islam, Teddy Surya Gunawan and Mokhtaria Mesri
Additional contact information
Yaçine Merrad: Department of Electrical and Computer Engineering, International Islamic University Malaysia, Kuala Lupur 53100, Malaysia
Mohamed Hadi Habaebi: Department of Electrical and Computer Engineering, International Islamic University Malaysia, Kuala Lupur 53100, Malaysia
Elfatih A. A. Elsheikh: Department of Electrical Engineering, College of Engineering, King Khalid University, Abha 61421, Saudi Arabia
Fakher Eldin. M. Suliman: Department of Electrical Engineering, College of Engineering, King Khalid University, Abha 61421, Saudi Arabia
Md Rafiqul Islam: Department of Electrical and Computer Engineering, International Islamic University Malaysia, Kuala Lupur 53100, Malaysia
Teddy Surya Gunawan: Department of Electrical and Computer Engineering, International Islamic University Malaysia, Kuala Lupur 53100, Malaysia
Mokhtaria Mesri: Department of Electronics, University Amar Télidji of Laghouat, Laghouat 03000, Algeria

Mathematics, 2022, vol. 10, issue 15, 1-35

Abstract: Consensus protocols stand behind the success of blockchain technology. This is because parties that distrust each other can make secure transactions without the oversight of a central authority. The first consensus protocol emerged with Bitcoin. Since then, many others have appeared. Some of them have been implemented by official blockchain platforms, whereas others, for the time being, remain as proposals. A blockchain consensus is a trade-off. The new solutions promise to overcome the known drawbacks of blockchain, but they may also bring new vulnerabilities. Moreover, blockchain performance metrics are not clearly defined, as some metrics, such as delay and throughput, which are key factors for the efficiency of standard networks, are purposely constrained by most mainstream blockchain platforms. The main body of this paper consolidates knowledge of blockchains, focusing on the seminal consensus protocols in large-scale market capitalization platforms, and how consensus is achieved for large-scale, decentralized, blockchain architectures. The benefits, limitations, and tradeoffs, as well as the subsequent trend in current consensus development, and its limitations as a general paradigm, are highlighted. The paper also sheds light on overlooked potential performance metrics, and it proposes some novel solutions to some of the identified problems.

Keywords: blockchain; consensus; decentralization; performance metrics; tradeoffs; proposals (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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