Distributed Ledger Technology (DLT) and Byzantine Fault Tolerance in Blockchain

EasyChair Preprint 7198

Abstract

With the advent of technology, the world saw the rise of Blockchain technology, because of its accessibility, and efficiency in managing transactions and the related records. According to IBM, because it delivers immediate, shareable, and entirely transparent information kept on an immutable ledger that can only be viewed by permissioned network users, blockchain is excellent for delivering that information. The most important aspect of blockchain is its distributed ledger technology. The phrase "distributed ledger" refers to the fact that numerous Blockchain members share the ledger on which transactions are recorded since it is not controlled or owned by a single entity. The Byzantine Fault Tolerance which is largely associated with distributed systems is a feature that allows a decentralised, trustless network to function even when some nodes are broken or malevolent. This paper elucidates upon the Byzantine Faults in Blockchain Technology, its effects, and the solutions to this problem.

Keyphrases: Blockchain, Byzantine Fault Tolerance (BFT), distributed ledgers

@booklet{EasyChair:7198,
  author    = {Sanatan Shrivastava and Ashish Sharma},
  title     = {Distributed Ledger Technology (DLT) and Byzantine Fault Tolerance in Blockchain},
  howpublished = {EasyChair Preprint 7198},
  year      = {EasyChair, 2021}}