The current applications of blockchain technology have raised concerns about the energy consumption and throughput of the consensus algorithms and therefore need improvements. PoS is one of the energy efficient proposals that has been suggested as a replacement for the PoW, however, it has the risk of centralization since it can be manipulated by the stakeholders. On the other hand, Proof of Elapsed Time (PoET) is a novel consensus where the use of Trusted Execution Environments (TEEs) is used to guarantee fairness and reduce energy consumption. This paper intends to identify and analyze the prevailing hybrid consensus algorithms that embed PoS and PoET in order to establish the capability of such algorithms to realize the desired levels of energy efficiency, decentralization, and security. Based on the analysis of the recent research and experimental works, this study discusses the efficacy of the PoS + PoET mechanisms in real-world blockchain systems. Some of the features considered include energy consumption, transactions per second, resistance to Sybil attacks, and double-spend protection, providing a clear view of the hybrid system’s strengths and challenges. The results obtained show promise for the generation of efficient hybrid algorithms that can secure blockchain networks as well as overcome the shortcomings it has. This paper documents the results of single-paradigm algorithms and outlines recommendations for designing and developing hybrid consensus models that shall enable the growth of blockchain technology in many different applications with minimal energy use.