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American Journal of Business and Operations Research
Volume 7 , Issue 1, PP: 19-33 , 2022 | Cite this article as | XML | Html |PDF

Title

An Efficient decision-making model of consensus protocols for blockchains: An exploratory study

Authors Names :   Irsa Sajjad   1 *     Raja Habib   2     Muhammad Bilal   3  

1  Affiliation :  Department of Management Sciences - IBADAT International University Islamabad, 44000, Pakistan

    Email :  irsasajjad@yahoo.com


2  Affiliation :  Department of Computer Sciences - IBADAT International University Islamabad, 44000, Pakistan

    Email :  raja.habib@se.iiui.edu.pk


3  Affiliation :  Department of Mathematics, Abdul Wali Khan University, Mardan, Pakistan

    Email :  bilalashraf202@gmail.com



Doi   :   https://doi.org/10.54216/AJBOR.070102

Received: February 02, 2022 Accepted: June 11, 2022

Abstract :

In addition to being a game-changer for the cryptocurrency business, Blockchain was also a catalyst for the fast rise of certain Distributed Ledger Technologies (DLTs). An important aspect of a DLT system's design is a consensus mechanism, which ensures that almost all interviewees agreed on the integrity of the data. As a result, a broad variety of consensus protocols have been developed, each with a distinct notion and property (e.g., reduced energy usage, greater scalability). When moving from one blockchain network to another, the main criteria for consensus mechanisms typically vary dramatically, so there is no universal protocol. As a result, choosing the best consensus mechanism for a certain DLT system is critical, but also difficult, since experts must balance competing demands. MCDM approaches are used in this research to provide an approach for choosing the best consensus procedures based on criteria, objectives, and other needs. A genuine bike-rental application is used to show the technology's potential, as well as the preferred consensus mechanisms for 3 of the most popular kinds of current blockchain systems. To top it all off, the information and technologies gathered are openly accessible for anybody to use, allowing for maximum replication and future improvement.

Keywords :

Blockchain; MCDM; VIKOR; Distributed Ledger Technologies

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Cite this Article as :
Irsa Sajjad , Raja Habib , Muhammad Bilal, An Efficient decision-making model of consensus protocols for blockchains: An exploratory study, American Journal of Business and Operations Research, Vol. 7 , No. 1 , (2022) : 19-33 (Doi   :  https://doi.org/10.54216/AJBOR.070102)