Why is the consensus problem so important in distributed computing? In distributed computing, the consensus problem seems to be one of the central topics which has attracted intensive research. In particular, the paper "Impossibility of Distributed Consensus with One Faulty Process" received the 2001 PODC Influential Paper Award.

So why is the consensus problem so important? What can we achieve with consensus both in theory and in practice? 

Any references or expositions would be really helpful.
The paper you mention is important for 2 reasons:


It shows that there is no asynchronous deterministic consensus algorithm that tolerates even a single crash fault. Note that in the synchronous setting,there is a deterministic algorithm that terminates in $f+1$ rounds when $\le f$ processes crash.
It introduces bivalence and univalence of configurations (*), which are used in many lower bounds and impossibility proofs later on. 


Applications

One important application of the consensus problem is the election of a coordinator or leader in a fault-tolerant environment for initiating some global action. A consensus algorithm allows you to do this on-the-fly, without fixing a "supernode" in advance (which would introduce a single point of failure). 

Another application is maintaining consistency in a distributed network: Suppose that you have different sensor nodes monitoring the same environment. In the case where some of these sensor nodes crash (or even start sending corrupted data due to a hardware fault), a consensus protocol ensures robustness against such faults.



(*) A run of a distributed algorithm is a sequence of configurations. A configuration is a vector of the local states of the processes. Each process executes a deterministic state machine. Any correct consensus algorithm must eventually reach a configuration where every process has decided (irrevocably) on the same input value. A configuration $C$ is $1$-valent if, no matter what the adversary does, all possible extensions of $C$ lead to a decision value of $1$. Analogously, we can define $0$-valency. A configuration $C$ is bivalent if both decisions are reachable from $C$ (which one of the two is reached depends on the adversary). Clearly, no process can have decided in a bivalent configuration $C$, as otherwise we get a contradiction to agreement! So if we can construct an infinite sequence of such bivalent configurations, we have shown that there is no consensus algorithm in this setting.