SELECTION OF THE CONSENSUS ALGORITHM FOR THE LOGISTICS BLOCKCHAIN

Goryachkin B. S., Solokhov I. R.

The consensus mechanism is the core element of any blockchain network. The blockchain network is formed by numerous nodes that authenticate transactions occurring on the network, and the consensus mechanism allows these nodes to come to an agreement on the transactions that should be added to a new block in the blockchain network. Choosing the right algorithm guarantees the fault tolerance and security of blockchain systems. This article reviews the existing consensus algorithms and selects an algorithm that matches the characteristics of the developed logistics blockchain system.

Keywords:blockchain, consensus algorithms, proof-of-work, proof-of-stake, decentralization