Scalability: One Of The Main Challenges Of a Blockchain
Loading...
Authors
Pranathi, Naga
Sardar, Karamjeet Singh
Reddy, Mahasimha Teja
Issue Date
2022-03-30
Type
Other
Language
en
Keywords
Blockchain , Cryptocurrency , Blockchain scalability
Alternative Title
Abstract
Blockchain is a distributed peer-to-peer network, which is connected using nodes throughout the globe. Each node has a transactions ledge, which maintains the whole record of transactions. In blockchain data is stored electronically in digital format which is amazing. A database ordinarily stores its data in tables, whereas in blockchain data is stored in chunks as referred by its name blocks. They are better for maintaining secure and decentralized transactions because in blockchain blocks are connected as a single network. In blockchain transactions can be done between two parties without the involvement of a third party, which means one can maintain their own money without depending on others. Bitcoin is one of application of blockchain, where bitcoin goes through many confirmations on the blockchain before it is cleared because the unconfirmed transaction can be reversed or crypto-currency can be spend twice. Average confirmation time on bitcoin network for a BTC payment is about 10 minutes, which seriously needs be scaled for real-time applications.