Addressing Byzantine Fault Tolerance in Blockchain Technology

Blockchain technology is considered to be one of the most thriving future Internet technologies with the potential to have a great impact not only on the technical aspects of our lives but also on the social, economic, juristic, security and on many more aspects. Since the appearance of a Bitcoin as the most popular Blockchain based currency a decade ago, the possibilities and strengths of the Blockchain technology have been investigated a lot. The Blockchain technology has a dozen of use cases in different areas of life, whereby one of the most important is Internet of Things and Internet of Everything. This paper concentrates on the vulnerabilities of Blockchain technology, especially on the problem of Byzantine Fault Tolerance. It is one of the crucial problems of Distributed Ledger Technologies in general. Other vulnerabilities of the Blockchain technology analyzed in this paper include the partition and delay attacks.