Evaluation of Hash Algorithm Performance for Cryptocurrency Exchanges Based on Blockchain System

Abstract

The blockchain system has emerged as one of the focal points of research in recent years, particularly in applications and services such as cryptocurrencies and smart contracts. In this context, the hash value serves as a crucial element in linking blocks within the blockchain, ensuring the integrity of block contents. Therefore, hash algorithms represent a vital security technology for ensuring the integrity and security of blockchain systems. This study primarily focuses on analyzing the security and execution efficiency of mainstream hash algorithms in the Proof of Work (PoW) calculations within blockchain systems. It proposes an evaluation factor and conducts comparative experiments to evaluate each hash algorithm. The experimental results indicate that there are no significant differences in the security aspects among SHA-2, SHA-3, and BLAKE2. However, SHA-2 and BLAKE2 demonstrate shorter computation times, indicating higher efficiency in execution.