Blockchain: Scalability challenge
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Authors
Khan, Dodo
Hshmani, Manzoor Ahmed
Issue Date
2022-04-05
Type
Other
Language
en
Keywords
Blockchain , Data security , Cryptocurrency
Alternative Title
Abstract
Many online transactions between individuals or organizations are based on a centralized controlled system (or controlled by a third-party organization). For example, a bank or a credit card vendor is acting as a third-party entity in executing a digital payment or money transfer process between two organizations (or individuals). The third-party vendor takes a fee for every successful transaction. In this centralized mechanism, the third-party controls and manages almost all the information of the stakeholders that are involved in the online transaction. This approach requires the third-party to uphold the transaction’s security. In contrast, blockchain is an immutable distributed ledger of cryptographically signed transactions maintained by a peer-to-peer network, where no third-party is required to manage the information, and trust is no longer an issue among the network participants. Blockchain technology is one of the most hyped decentralized innovations, with an enlightening future.