TY - JOUR

T1 - COMPARATIVE ANALYSIS and APPLICABILITY DETERMINATION for SEVERAL DLT SOLUTIONS

AU - Bogdanov, Alexander

AU - Korkhov, Vladimir

AU - Shchegoleva, Nadezhda

AU - Khvatov, Valery

AU - Zaynalov, Nodir

AU - Kiyamov, Jasur

AU - Faradzhov, Anar

AU - Дик, Александр Геннадьевич

N1 - Conference code: 9

PY - 2021/12/1

Y1 - 2021/12/1

N2 - Potential benefits of implementation of distributed ledger technology are widely discussed among different business actors and governmental structures. Within the last decade, with growing popularity of blockchain-based payment systems and cryptocurrencies, these discussions considerably sharpened. Therefore, an extensive body of research has emerged on this soil. The goal of this study is to attempt to make a comparative analysis of several existing blockchain-based distributed ledger platforms. Besides that, authors overview the most commonly used consensus algorithms and design approaches, as for any blockchain product, consensus algorithm is a crucial part which determines the performance of the overall system. Choosing the right algorithm would ensure high reliability and throughput, while the wrong choice could cause fatal malfunctions for the application. A suitable algorithm usually should be chosen according to the task in consideration, e.g. Nakamoto-style protocols could be considered better for public networks, while multiround voting protocols are more suitable for private and secure systems. The highest attention is paid to consensus algorithms based on the solution of the Byzantine Fault Tolerance problem (BFT).

AB - Potential benefits of implementation of distributed ledger technology are widely discussed among different business actors and governmental structures. Within the last decade, with growing popularity of blockchain-based payment systems and cryptocurrencies, these discussions considerably sharpened. Therefore, an extensive body of research has emerged on this soil. The goal of this study is to attempt to make a comparative analysis of several existing blockchain-based distributed ledger platforms. Besides that, authors overview the most commonly used consensus algorithms and design approaches, as for any blockchain product, consensus algorithm is a crucial part which determines the performance of the overall system. Choosing the right algorithm would ensure high reliability and throughput, while the wrong choice could cause fatal malfunctions for the application. A suitable algorithm usually should be chosen according to the task in consideration, e.g. Nakamoto-style protocols could be considered better for public networks, while multiround voting protocols are more suitable for private and secure systems. The highest attention is paid to consensus algorithms based on the solution of the Byzantine Fault Tolerance problem (BFT).

KW - Byzantine Fault Tolerance problem

KW - Distributed ledger technology

KW - Multiround voting protocols

UR - http://www.scopus.com/inward/record.url?scp=85121620006&partnerID=8YFLogxK

M3 - Conference article

AN - SCOPUS:85121620006

VL - 3041

SP - 592

EP - 596

JO - CEUR Workshop Proceedings

JF - CEUR Workshop Proceedings

SN - 1613-0073

T2 - 9th International Conference "Distributed Computing and Grid Technologies in Science and Education", GRID 2021

Y2 - 5 July 2021 through 9 July 2021

ER -