What role does consensus play in a permissioned blockchain used for digital currencies?

1 answers

• DheoPackerDec 16, 2023 · 2 years ago
  In a permissioned blockchain used for digital currencies, consensus is of utmost importance. It is the process by which participants in the network come to an agreement on the validity of transactions and the order in which they are added to the blockchain. Consensus ensures that all participants have a shared view of the blockchain and prevents any single entity from having control over the network. This is particularly important in permissioned blockchains, where the participants are known and trusted. Consensus algorithms, such as Practical Byzantine Fault Tolerance or Raft, are used to achieve agreement among the participants. These algorithms allow the blockchain to continue functioning even if some participants are malicious or faulty. Overall, consensus plays a critical role in maintaining the integrity and security of a permissioned blockchain used for digital currencies.
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