Conference Paper

Viktoriia Zhebka , Serhii Zhebka , Tetiana Bazhan , Pavlo Skladannyi , Volodymyr Sokolov

Blockchain technology is rapidly integrating into various spheres of human activity. Private companies, government agencies, and international organizations are gradually adapting this technology to solve a wide range of tasks. The main areas of its use include financial transactions, document management, digital identification, control of logistics links, and tokenization of physical and classical financial assets. The more a technology develops, the more it needs to be updated and improved. For blockchain, the chosen consensus algorithm is very important. There is a need to ensure control over data and resources and their copies on different nodes to avoid conflicts between nodes. After all, any conflict between nodes can lead to inefficient and inconsistent data storage. As a blockchain is a specialized type of database that stores this data by distributing it among several completely independent nodes, i.e. computers or devices, blockchains allow data to be added to databases and make it impossible to attempt to change or delete them. Therefore, this article is based on the study of the criteria that can help in the selection of a consensus algorithm. Four main criteria are identified, which in combination, allow us to select a consensus algorithm more accurately. The main selection criteria are energy consumption, decentralization, security, and bandwidth. Each feature of these criteria has been considered during the study and highlighted in this article. It is very important to combine different criteria and their parameters to choose the most successful consensus algorithm. Different approaches make it possible to find the most optimal option. Based on the introduced criteria and the proposed methodology, a program for selecting the optimal consensus algorithm has been created using the Python programming language.

bandwidth; blockchain; Consensus algorithm; decentralization; energy consumption; security

Consensus Algorithm; Fault-tolerance; Blockchain

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2024 Digital Economy Concepts and Technologies (DECaT)

4 April 2024 Kyiv, Ukraine

First Online: 19 April 2024

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• ISSN: 1613-0073

• EID: 2-s2.0-85191434425

• URN: urn:nbn:de:0074-3665-4

• DBLP: conf/decat/ZhebkaZBSS24

• KUBG: 48727

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Zhebka, V., Zhebka, S., Bazhan, T., Skladannyi, P., & Sokolov, V. (2024). Methodology for Choosing a Consensus Algorithm for Blockchain Technology. In Workshop on Digital Economy Concepts and Technologies (Vol. 3665, pp. 106–113).

V. Zhebka, S. Zhebka, T. Bazhan, P. Skladannyi, and V. Sokolov, “Methodology for Choosing a Consensus Algorithm for Blockchain Technology,” Workshop on Digital Economy Concepts and Technologies, vol. 3665, pp. 106–113, 2024.

V. Zhebka, et al., Methodology for Choosing a Consensus Algorithm for Blockchain Technology, in: Digital Economy Concepts and Technologies, vol. 3665 (2024) 106–113.