A Study on Recent Trends of Consensus Algorithms for Private Blockchain Network

Blockchain is expected to play a seminal role in the future of finance and cybersecurity. Blockchain has the traits of decentralization, stability, safety, and non-modifiability. The consensus algorithm performs an important role in retaining the order of transaction and performance of blockchain networks. Using the right algorithm might also deliver a great boom to the performance of the blockchain applications. In this paper, we reviewed the ideas and characteristics of some of the different consensus algorithms and analyzed the performance and application eventualities of various consensus mechanisms with an example of an electronic voting system. The electronic voting system needs the ability to address the following constraints: Performance, Fault Tolerance, Byzantine Fault Tolerant to make it a scalable application. We have also studied different algorithms, in particular, the ones in distributed systems and came up with a novel way to solve the problem mentioned above.