Blockchain: An Analysis of Different Consensus Mechanisms as Solution for the Byzantine Generals Problem

Abstract

Blockchain technology, which is mostly used for Bitcoin money, is a decentralised transaction and data management system. In a decentralised and distributed network, blockchain is a chain of blocks that stores information with digital signatures. Different blockchain infrastructures are available.One of the most well-known and fundamental challenges that decentralised networks encounter is the Byzantine Generals' Problem.This paperpresents an analysison the different consensus mechanism focused on study of the designs of the blockchain. It describes blockchain's taxonomy and architecture, as well as a basic overview of the Byzantine Generals Problem.The classification of blockchains based on their design has been described in this study. Following that, a quick overview of some of the systems that fit within this classification is provided. Finally, a comparison of these systems was conducted under specific features.