As the name suggests, the term Consensus means that the participating nodes across a distributed network remain synchronized with each other, while giving their agreement in a self-auditing ecosystem. It is an important aspect of blockchain technology.
The Consensus protocol carries out two different functions:
- It allows the blockchain ecosystem to be updated only if all the nodes in the chain are in sync.
- It restricts any single block to control the whole blockchain.
Consensus protocol has a defined a set of rules that every node needs to follow while validating the transactions. The goal is to gain acceptance for updating a single data value onto the blockchain.