COMPARATIVE ANALYSIS AND APPLICABILITY DETERMINATION FOR SEVERAL DLT SOLUTIONS

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

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