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Blockchain Platforms, Architectures, and Consensus Algorithm

23 Aug 2022-pp 1-21
TL;DR: The authors in this paper reviewed the literature from the year the first blockchain was developed (2009) till date to gather insight into the blockchain architecture, blockchain platforms, and consensus algorithm.
Abstract: This chapter discusses about concepts such as blockchain architecture, blockchain platforms, and consensus algorithm. Literatures from the year the first blockchain was developed (2009) till date were reviewed to gather insight into these concepts. Blocks, nodes, and ledgers are the major features that make up the architecture of any Blockchain platform. There are other technologies and phenomenon blockchain relies on to gain its immutability such as cryptography, distributed computing, and smart contracts. The concepts that blockchain relies on have brought about a number of already-existing platforms such as the numerous cryptocurrencies, decentralized finance, and decentralized applications. A sequence is solving the problem of which transaction is legit or not is called the consensus algorithm. There are numerous consensus algorithms for different blockchain network. Understanding these concepts is the first step in developing sustainable and advanced applications using blockchain.
Trending Questions (3)
What are the basic concepts and principles that underpin blockchain technology?

The paper discusses the basic concepts of blockchain technology, including blockchain architecture, platforms, and consensus algorithms.

What are the different blockchain architectures?

The paper does not explicitly mention the different blockchain architectures.

What are the key concepts of blockchain technology?

The key concepts of blockchain technology include blockchain architecture, blockchain platforms, consensus algorithms, blocks, nodes, ledgers, cryptography, distributed computing, and smart contracts.