ABSTRACT:

Blockchain is the decentralized technology which is changing the way businesses operate traditionally, due to its peer to peer characteristic and distributed consensus algorithms it is exhibiting low transaction throughput. Consensus algorithms play an important role in analyzing the performance of blockchain platforms. This study applies and analyzes three consensus protocols named Proof of Work (PoW), Proof of Authority (PoA) and Proof of Stake (PoS) on Split-Join Blockchain Framework.

The Split-Join blockchain framework processes the block of transactions in parallel thus allowing more blocks to be committed to the decentralized ledger. Experiments are conducted in five rounds for all three consensus algorithms and with different transaction volumes starting with 50 transactions , then 100 txns, 500 txns, 1000 txns, 5000 txns in an increasing fashion. Observed the transaction latency over all rounds of experiment and considered the average latency and throughput to determine the efficient consensus algorithm. During the experiments it is observed that the PoA outperformed the PoW, PoS algorithms.