Consensus Mechanisms used by the Blockchain Technology
The growing popularity of Blockchain Technology in India is also appending the demand for its continuous improvements and upgrades. Since the time Blockchain Technology services were brought into existence, efforts have been made to enhance its performance. Performance in the terms of data keeping, recording, connecting, securing, distributing, accelerating, etc. Constant experiments and the addition of a lot of new inventions kept on improving the technology’s performance. The Technology we are using today is playing sufficient in a lot of manners but still, it is not in its fully evolved phase. The decentralized technology is an amateur still, which needs a lot of addition and evolution. New evolutions are added regularly for their full efficiency to be discovered. All these discoveries are surely enhancing the performance of the blockchain technology services, but the part of the arena that needed an additional effort is to make time-efficient improvements.
Blockchain technology service in India is all well-managed and secure but when it comes to time, it had a high latency/processing time/waiting time. To solve these time issues Consensus Mechanisms were brought in. This is a system to manage the decentralized platform. The technology mainly stores, manages and secures the data. It actually is a mechanism that finds agreement or approval of all the nodes or at least the active nodes to reach a specific aim. The use of consensus mechanisms can make it a platform useful for all those industries as well where there is a need for a managing body or regulatory authority. To such industries, consensus helps in reaching the legality and authority of the node. After all the checking and validation process the consensus if finds the node or the user authentic it validates its participation. Consensus Mechanisms along with centralizing the working also determines the speed of the transactions and scalability of the network with its security level. These are the protocols that synchronize the nodes.
There are types of consensus mechanisms. Different consensus mechanisms solve different issues and have different purposes, that are utilized to equip the blockchain technology providers of India as per the industrial requirements. The prime objectives of the consensus mechanism are to promote equal participation of all the nodes to meet the objective. It also develops a collaborative and cooperative system within the working.
