I. J. Computer Network and Information Security, 2021, 2, 1-15 Published Online April 2021 in MECS (http://www.mecs-press.org/) DOI: 10.5815/ijcnis.2021.02.01 Copyright © 2021 MECS I.J. Computer Network and Information Security, 2021, 2, 1-15 Performance Analysis of Cryptographic Hash Functions Suitable for Use in Blockchain Alexandr Kuznetsov 1 , Inna Oleshko 2 , Vladyslav Tymchenko 3 , Konstantin Lisitsky 4 , Mariia Rodinko 5 and Andrii Kolhatin 6 1,3,4,5,6 V. N. Karazin Kharkiv National University, Svobody sq., 4, Kharkiv, 61022, Ukraine E-mail: kuznetsov@karazin.ua, tvlad.tyma@gmail.com, konstantin.lisickiy@mail.ru, m.rodinko@gmail.com, kolgatin-a@yandex.ua 2 Kharkiv National University of Radio Electronics, Nauky Ave. 14, Kharkiv, 61166, Ukraine E-mail: inna.oleshko@nure.ua Received: 30 June 2020; Accepted: 21 October 2020; Published: 08 April 2021 Abstract: A blockchain, or in other words a chain of transaction blocks, is a distributed database that maintains an ordered chain of blocks that reliably connect the information contained in them. Copies of chain blocks are usually stored on multiple computers and synchronized in accordance with the rules of building a chain of blocks, which provides secure and change-resistant storage of information. To build linked lists of blocks hashing is used. Hashing is a special cryptographic primitive that provides one-way, resistance to collisions and search for prototypes computation of hash value (hash or message digest). In this paper a comparative analysis of the performance of hashing algorithms that can be used in modern decentralized blockchain networks are conducted. Specifically, the hash performance on different desktop systems, the number of cycles per byte (Cycles/byte), the amount of hashed message per second (MB/s) and the hash rate (KHash/s) are investigated. The comparative analysis of different hashing algorithms allows us to choose the most suitable candidates for building decentralized systems type of blockchain. Index Terms: Hashing, Performance, Cryptographic Algorithm, Blockchain, Cryptocurrency. 1. Introduction Modern decentralized information systems and networks buit on the blockchain technology are increasingly distributes and uses in various applications. Thus, blockchain technologies are used in the construction of cryptocurrencies, for the construction of decentralized systems of different purpose and functional tasks, which unite, for example, key certification centers, in construction of distributed decentralized networks of electronic identification and electronic voting, in building information systems with support so-called smart contracts, etc. Selection of a specific hash function is one of the main task for designing a blockchain system. Till nowadays, there has been no extensive analysis of hash functions, which can be use in blockchain technology. This work mainly focused on the performance analysis of cryptographic hash functions that can be used in blockchain systems. The most common and applicable cryptographic hashing algorithms, which are standardized internationally and nationally, are considered, as well as algorithms that, although not standardized, are used in most modern decentralized systems built on blockchain technology. In particular, the following cryptographic hashing functions are explored:  the ARGON family of cryptographic algorithms (ARGON2D and ARGON2I hash functions) [1], used in some cryptocurrencies, such as MMXVI;  the BALLOON hashing algorithm [2] is used in Deft cryptocurrency;  the BLAKE cryptographic algorithm family consists of the following hash functions: BLAKE224, BLAKE256, BLAKE384, BLAKE512 [3-5]. This family of algorithms are used in such cryptocurrency as Monero, Blakecoin, Electroneum and other[5].  the BMW Cryptographic Algorithm family consisting of the following hash functions as BMW224, BMW256, BMW384, BMW512 [6]. This family of algorithms are used in such cryptocurrency’s as CLOAK, Dark, XST, MXT, ONION , etc.;  the CUBEHASH family of algorithms consisting of the following hash functions: CUBEHASH224, CUBEHASH256, CUBEHASH384, CUBEHASH512 [7-10]. This family of hashing algorithms are used in such cryptocurrency mining algorithms as X17, X13, X11, etc.;