A Comprehensive Analysis of Blockchain Technology and Consensus Protocols Across Multilayered Framework

• Published in: IEEE access Vol. 12; p. 1
• Main Authors: Hossan, Md. Rifat, Nirob, Foyasl Ahamed, Islam, Arafat, Rakin, Tanjim Mahmud, Al-Amin, Md
• Format: Journal Article
• Language: English
• Published: Piscataway IEEE 01.01.2024; The Institute of Electrical and Electronics Engineers, Inc. (IEEE)
• Subjects: Algorithms; Bitcoin; Blockchain; Blockchains; Consensus mechanism; Consensus protocol; Cryptocurrency; Cryptography; Decentralization; Digital currencies; Distributed ledger; Distributed ledger technology (DLT); Hash function; Immutable ledger; Interoperability; Mining; Node; Privacy; Security; Smart contracts; Supply chains
• ISSN: 2169-3536; 2169-3536
• DOI: 10.1109/ACCESS.2024.3395536

Blockchain, a distributed and digital ledger technology, has the potential to transform several industries from cryptocurrencies to supply chains. However, the complexity of understanding the technology can be a challenge for most people, especially for newcomers. This study paper aims to provide an in-depth analysis and review of the different layers including the data, network, consensus, smart contract, and application layers. In this paper, we performed an in-depth analysis and review of the components of each layer. We also tried to simulate different consensus algorithms so a reader can understand which blockchain consensus algorithm can be chosen for a specific application. By reading this paper, a reader can understand the blockchain architecture and choose the right algorithms, languages and protocols for building their own blockchain network. The paper also addresses the challenges and difficulties of building a sustainable and secure blockchain.We believe that the choice of consensus algorithm is the most important thing for sustainability in a blockchain network. We show that some consensus algorithms use much more energy than others, and we suggest that developers choose consensus algorithms that use less energy. This paper is a great resource for anyone who wants to learn more about blockchain architecture and consensus algorithms. It gives a complete review of the subject and talks about the difficulties of making a blockchain that will be secure and sustainable. Researchers, developers, and anyone else interested in the future of blockchain technology will be interested in this study.