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Blockchain in Oil and Gas Industry

11.2.4.4  Practical Byzantine Fault Tolerance (PBFT)

The classical Byzantine fault-tolerant method is no longer inefficient and the dif­

ficulty of implementing the algorithm has been minimized using PFBT algorithm.

PBFT's security is ensured by all of the system's nodes. Three votes between nodes

are the most important factor in determining the consensus. In a majority rule, each

node has one vote, and each node's vote is represented by one node. As long as there

are at least two-thirds of the (3a + 1) nodes in operation, the PBFT algorithm will

continue to function correctly (a: Number of nodes).

11.2.4.5  Proof of Elapsed Time (PoET)

PoET is a lottery protocol that was built by Intel for trusted execution. It uses the

Intel SGX platform. In PoET, the CPU reliability is measured by the time it takes

for the hardware to respond to the environment. Generally, if the lowest latency is

chosen, then the more CPUs are added to increase the system's resources.

11.2.4.6  Tendermint

A new algorithm, Tendermint, is being developed to compete with the PBFT algo­

rithm. All it requires is a two-round vote. Just over two-thirds of verifiers propagate

the same block transmit to the string during the same validation period. Often, the

validator doesn’t submit a block because the current provider isn’t accessible or the

network is sluggish. In Table 11.1, we present a comparison of various consensus

algorithms.

11.2.4.7  Cryptography

The hashing algorithm is the most widely used crypto block string algorithm and

is an essential participant in blockchain technology. It compresses arbitrarily long

messages into fixed-length binary chains in a short and justified time. The hash algo­

rithm finds its application in blockchain for system security, information authentica­

tion, PoW in consensus estimation, the interaction amongst the blocks, and several

others. Blockchain stores complete metadata and can neither erase, remove, nor alter

the blocks. The Merkle tree, mainly binary and multiform, is identical to the tree – as

TABLE 11.1

Comparison of Consensus Algorithms

Type of Consensus Algorithm

Algorithm

Speed

Security

Energy

Exploitation

Degree of

Centralization

Proof of Work

Slow

Secure

Very high

Very low

Proof of Stake

Normal

Secure

Normal

Low

Delegated Proof of Stake

Normal

Secure

Normal

Normal

Practical Byzantine Fault Tolerance

Fast

Least secure

Very low

High

Proof of Elapsed Time

Normal

Secure

Low

Very low

Tendermint

Normal

Secure

Low

High