Consensus Algorithm

What is Consensus Algorithm?

A consensus algorithm is a process that allows all the peers in the Blockchain network to agree on the distributed ledger's current state. In a distributed computing environment, the algorithms create confidence between unidentified peers and achieve reliability in the Blockchain network. In essence, the protocol ensures that each new block that is added to the Blockchain is the sole version of the truth that has been accepted by all the nodes in the Blockchain. The Blockchain consensus protocol includes some specific goals like reaching an understanding, collaboration, cooperation, giving every node equal rights, and requiring each node to take part in the consensus process. Therefore, a consensus algorithm seeks to identify a shared understanding that benefits the entire network.