Morgan S.'s Senior Project Blog!

Blockchains are an innovative and disruptive technology that allows users to come to a unanimous consensus and commit transactions to a public record without the need for a central finalizing authority. At the core of blockchain technology are the algorithms (also known as proof systems, consensus algorithms, consensus mechanisms, etc) that are able to come to consensus and incentive true transaction reports to be stored permanently on-chain. These chains are currently used to verify fair trade supply chains, provide secure voting platforms, allow for trust-less peer-to-peer loans, and store monetary value. Through scholarly journals and online resources, this study will research and analyze how to benchmark these algorithms and propose novel algorithms for consensus. The improvement of these algorithms could reduce transaction costs, improve security and scalability, and minimize environmental impact. The widening appeal of this powerful technology could ultimately replace centralized banks as the primary economic authority.