Comparative Analysis of Transaction Speed and Throughput in Blockchain and Hashgraph: A Performance Study for Distributed Ledger Technologies
Dinesh Kumar K
Dinesh Kumar K
Department of Computer Science and Engineering, Vel Tech Rangarajan Dr. Sagunthala R&D Institute of Science and Technology, Chennai, Tamil Nadu, India.
Blockchain technology garners significant attention and recognition due to several key advantages it offers. Trust, reliability, speed, and transparency are among the prominent benefits that contribute to its growing prominence. The decentralized nature of blockchain allows for a high level of trust as transactions are recorded and verified by multiple participants across the network. This, in turn, enhances reliability as there is no single point of failure. Speed is also a notable advantage, particularly when compared to traditional systems that involve intermediaries and complex processes for verification. Blockchain enables faster and more efficient transaction processing, reducing delays and costs. This research paper aims to provide a comprehensive comparative analysis of two prominent distributed ledger technologies, namely blockchain and hashgraph. Both blockchain and hashgraph offer decentralized and secure systems for recording and validating transactions or information. It explores the underlying mechanisms, consensus algorithms, advantages, and limitations of these technologies. It also examines their potential applications and discusses the implications of their respective design choices. By understanding the nuances of blockchain and hashgraph, seeks to contribute to the ongoing discourse on distributed ledger technologies and aids in decision-making for their appropriate adoption in various domains and applications.
D. Dasgupta, J. M. Shrein, and K. D. Gupta, “A survey of blockchain from security perspective,” Journal of Banking and Financial Technology,
vol. 3, no. 1, pp. 1–17, Jan. 2019, doi: 10.1007/s42786-018-00002-6.
Dinesh Kumar, K., Komathy, K., Manoj Kumar, D.S,”Block chain technologies in financial sectors and industries,” International Journal of
Scientific and Technology Research, 8 (11), pp. 942-946, 2019.
A. Haldorai, A. Ramu, and S. Murugan, “Computing and Communication Systems in Urban Development,” Urban Computing, 2019, doi:
10.1007/978-3-030-26013-2.
Alshehab, T. Alfozan, H. F. Gaderrab, M. A. Alahmad, and A. Alkandari, “Identifying significant element s of the digital transformation of
organizatios in Kuwait,” Indonesian Journal of Electrical Engineering and Computer Science, vol. 26, no. 1, p. 318, Apr. 2022 , doi:
10.11591/ijeecs.v26.i1.pp318-325.
K. Apt, D. Grossi, and W. Van-Der-Hoek, “When Are Two Gossips the Same?,” EPiC Series in Computing, doi: 10.29007/ww65.
J. Fu, L. Zhang, L. Wang, and F. Li, “BCT: An Efficient and Fault Tolerance Blockchain Consensus Transform Mechanism for IoT,” IEEE Internet
of Things Journal, vol. 10, no. 14, pp. 12055–12065, Jul. 2023, doi: 10.1109/jiot.2021.3123626.
P. Schueffel, “Alternative Distributed Ledger Technologies Blockchain vs. Tangle vs. Hashgraph - A High-Level Overview and Comparison -,”
SSRN Electronic Journal, 2017, doi: 10.2139/ssrn.3144241.
V. Badhe, P. Nhavale, S. Todkar, P. Shinde, and K. Kolhar, “Digital Certificate System for Verification of Educational Certificates using
Blockchain,” International Journal of Scientific Research in Science and Technology, pp. 45–50, Sep. 2020, doi: 10.32628/ijsrst20758.
K. Kumutha and S. Jayalakshmi, “A Comparative Analysis of Blockchain Platform: Issues and Recommendations-Certificate Verification System,”
Computational Intelligence in Data Science, pp. 210–219, 2021, doi: 10.1007/978-3-030-92600-7_20.
N. Zivic, C. Ruland, and J. Sassmannshausen, “Distributed Ledger Technologies for M2M Communications,” 2019 International Conference on
Information Networking (ICOIN), Jan. 2019, doi: 10.1109/icoin.2019.8718115.
Z. Akhtar, “From Blockchain to Hashgraph: Distributed Ledger Technologies in the Wild,” 2019 International Conference on Electrical, Electronics
and Computer Engineering (UPCON), Nov. 2019, doi: 10.1109/upcon47278.2019.8980029.
H. Pervez, M. Muneeb, M. U. Irfan, and I. U. Haq, “A Comparative Analysis of DAG-Based Blockchain Architectures,” 2018 12th International
Conference on Open Source Systems and Technologies (ICOSST), Dec. 2018, doi: 10.1109/icosst.2018.8632193.
D. K. K and D. N, “Two Fish Encryption Based Blockchain Technology for Secured Data Storage,” Journal of Machine and Computing, pp. 216–
226, Jul. 2023, doi: 10.53759/7669/jmc202303020.
Acknowledgements
The author(s) received no financial support for the research, authorship, and/or publication of this article.
Funding
No funding was received to assist with the preparation of this manuscript.
Ethics declarations
Conflict of interest
The authors have no conflicts of interest to declare that are relevant to the content of this article.
Availability of data and materials
No data available for above study.
Author information
Contributions
All authors have equal contribution in the paper and all authors have read and agreed to the published version of the manuscript.
Corresponding author
Dinesh Kumar K
Dinesh Kumar K
Department of Computer Science and Engineering, Vel Tech Rangarajan Dr. Sagunthala R&D Institute of Science and Technology, Chennai, Tamil Nadu, India.
Open Access This article is licensed under a Creative Commons Attribution NoDerivs is a more restrictive license. It allows you to redistribute the material commercially or non-commercially but the user cannot make any changes whatsoever to the original, i.e. no derivatives of the original work. To view a copy of this license, visit https://creativecommons.org/licenses/by-nc-nd/4.0/
Cite this article
Dinesh Kumar K, Duraimutharasan N, Shanthi HJ, Vennila G, Prabu Shankar B and Senthil P, “Comparative Analysis of Transaction Speed and Throughput in Blockchain and Hashgraph: A Performance Study for Distributed Ledger Technologies”, Journal of Machine and Computing, vol.3, no.4, pp. 497-504, October 2023. doi: 10.53759/7669/jmc202303041.
