Consensus Mechanisms for the Blockchain

Joshua S. Gans*, Neil Gandal

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

2 Scopus citations


In this chapter, we discuss the fundamental elements of the design of the blockchain. We then examine the equilibrium properties of consensus mechanisms for the blockchain under both proof of work and proof of stake when the blockchain is permissionless, i.e.,

Original languageEnglish
Title of host publicationThe Palgrave Handbook of Technological Finance
PublisherSpringer International Publishing
Number of pages18
ISBN (Electronic)9783030651176
ISBN (Print)9783030651169
StatePublished - 1 Jan 2021


  • Blockchain
  • Consensus Mechanisms
  • Permissionless
  • Proof of Stake
  • Proof of Work

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