Consensus Algorithms in Blockchain

Decipher Zone Technology Pvt Ltd27 Sep, 2022Technology

Ever since blockchain set its step into different industries, it has been unstoppable. We know that blockchain is a digitally distributed, decentralized, immutable, shared ledger that provides privacy, security, and transparency to facilitate processes like tracking assets and recording transactions in a business network. The consensus algorithm or mechanism is designed to acquire reliability in a network that consists of nodes or multiple users. So, consensus algorithms allow blockchain to achieve reliability and trust among nodes while ensuring security in the network environment. In this blog, we will discuss the Consensus Algorithm.