Feasibility of Proof of Authority as a Consensus Protocol Model

TL;DR

This paper evaluates the practicality of Proof of Authority as a blockchain consensus protocol, comparing its security, reliability, and speed with existing algorithms to determine its suitability for decentralized networks.

Contribution

It provides an analysis of Proof of Authority's feasibility and compares it with mainstream consensus algorithms in terms of security, reliability, and efficiency.

Findings

Proof of Authority offers a potentially faster consensus mechanism.

It demonstrates comparable security levels to traditional algorithms.

The study highlights specific scenarios where Proof of Authority is advantageous.

Abstract

Blockchain is a type of decentralized distributed network which acts as an immutable digital ledger. Despite the absence of any central governing authority to validate the blocks in the ledger, it is considered secure and immutable due to the consensus protocol among various nodes of the network. A consensus algorithm is a mechanism that guarantees the reliability of the blockchain and helps all connected nodes or peers to reach common ground regarding the present state of the blockchain network thus an ideal consensus algorithm must be secure, reliable, and fast. There are several different algorithms to reach a consensus among the nodes thus this article seeks to test the practicality of Proof of Authority in the blockchain network as a consensus algorithm and its comparison with current mainstream consensus algorithms.