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    Consensus Mechanism

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    Categories: Blockchain

    The process of securely achieving agreement on the particular state of a network. It often relates to the validation of transactions being added to the ledger, with consensus having to be reached before the ledger is updated to ensure only legitimate transactions are recorded on the blockchain. Consensus mechanisms are decentralized, meaning that no single authority is responsible for changing the state of the network.

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    Dr Justin Chan founded datadriveninvestor.com, a tech application platform designed to help fund managers, individual investors and data scientists uncover outstanding sources of alpha from data. Previously, he specialized in strategy development in a number of hedge funds and served as a senior quantitative strategist at GMO. An expert in microstructure, market liquidity, and behavioral finance, Dr. Chan holds a doctoral degree from UCLA and served as a finance professor at Singapore Management University. He can be reached at justinchan@datadriveninvestor.com.