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

Author

Listed:
  • 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)

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.

Suggested Citation

  • Yaçine Merrad & Mohamed Hadi Habaebi & Elfatih A. A. Elsheikh & Fakher Eldin. M. Suliman & Md Rafiqul Islam & Teddy Surya Gunawan & Mokhtaria Mesri, 2022. "Blockchain: Consensus Algorithm Key Performance Indicators, Trade-Offs, Current Trends, Common Drawbacks, and Novel Solution Proposals," Mathematics, MDPI, vol. 10(15), pages 1-35, August.
    • Handle: RePEc:gam:jmathe:v:10:y:2022:i:15:p:2754-:d:879375
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    References listed on IDEAS

    as
    1. Mahtab Kouhizadeh & Joseph Sarkis, 2018. "Blockchain Practices, Potentials, and Perspectives in Greening Supply Chains," Sustainability, MDPI, vol. 10(10), pages 1-16, October.
    2. Yaçine Merrad & Mohamed Hadi Habaebi & Md. Rafiqul Islam & Teddy Surya Gunawan & Mokhtaria Mesri, 2022. "Robust Decentralized Proof of Location for Blockchain Energy Applications Using Game Theory and Random Selection," Sustainability, MDPI, vol. 14(10), pages 1-24, May.
    3. Yi, Eojin & Cho, Yerim & Sohn, Sungbin & Ahn, Kwangwon, 2021. "After the Splits: Information Flow between Bitcoin and Bitcoin Family," Chaos, Solitons & Fractals, Elsevier, vol. 142(C).
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    Cited by:

    1. Zuobin Ying & Wusong Lan & Chen Deng & Lu Liu & Ximeng Liu, 2023. "DVIT—A Decentralized Virtual Items Trading Forum with Reputation System," Mathematics, MDPI, vol. 11(2), pages 1-23, January.
    2. Sisi Zhou & Kuanching Li & Lijun Xiao & Jiahong Cai & Wei Liang & Arcangelo Castiglione, 2023. "A Systematic Review of Consensus Mechanisms in Blockchain," Mathematics, MDPI, vol. 11(10), pages 1-27, May.

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