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What is Consensus Mechanism in Blockchain System?
iFour Team - 18 Mar 2019Blockchain technologies top the lists of 2018’s hot trends. Many blockchain consulting companies already back their products with blockchain technologies. Competitors use different approaches to emphasizes different aspects and pitching them as features to their customers. So here we will know some particular aspects of Blockchain technologies that is “Consensus Mechanism”.
A consensus is a fault trace Mechanism useful in Blockchain systems to achieve agreement single state of the network among distributed or multi agent processes that is helpful for keeping records among other things.
Human language is a good example of social consensus. Let us understand this by using some sentence. Alex asks Bob to pass salt on a dining table in English. There are implicit meanings in this statement.
This means that there is a consensus on the requirements and understanding of the statement in given system. This is termed as common knowledge. Alex may not use the same language where English is not understood. The only reason for this is Alex knows that his statement would not be understood.
The similar concept applies in currency exchange. The only difference in currency exchange ecosystem is that the consensus is required in the complete ecosystem and not just the transacting parties. If I receive Fiat money or currency in exchange of goods and service, not only I but the complete ecosystem needs to recognize the same as money.
The additional requirement in the currency ecosystem is that it has to be scarce. The scarcity provides required motivation in the social ecosystem to render goods and services that are needed for the economy to sustain and operate.