What is Consensus in Blockchain Technology?

[Ian]

Blockchain technology often mentions 'consensus.' Can someone explain what consensus means in this context?

[Peter Greene]

In blockchain technology, consensus refers to the agreement among the network participants (nodes) on the validity of transactions. This agreement is crucial for maintaining the integrity and security of the blockchain, ensuring that each transaction is accurately recorded and that the ledger is identical across all nodes. Consensus mechanisms prevent fraud and ensure that no single node can alter past transactions. There are several types of consensus algorithms, including Proof of Work (PoW), Proof of Stake (PoS), and others, each with its own method of achieving consensus and ensuring network reliability and security. For a comprehensive explanation of how consensus mechanisms work and their importance in blockchain networks, consider reading this detailed article: https://paybis.com/blog/glossary/what-is-consensus/ It provides insights into different consensus methods and their roles in the blockchain ecosystem.