Blockchain technology has numerous features like transparency, automation, democracy, security, and decentralization. It creates a trust-free decentralized environment for business applications. However, scalability is a key barrier blockchain implementation faces in a realistic business environment. The scalability issues of blockchain technology are explained from three perspectives:
Throughput: The throughput of the blockchain bitcoin methods is approximately limited to seven transactions per second and the time interval of the blocks are 10 minutes. Efficient methods are crucial to improve the blockchain throughput without decreasing efficiency.
Storage: The blockchain network comprises numerous entities, generating a huge amount of data in the real-time business environment. Hence, it is essential to optimize the data storage of blocks with limited resources.
Networking: The entities receive data twice in the traditional blockchain model. Changing the broadcasting medium characteristics of fundamental blockchain technology to increase the blockchain scalability is prominent.
The key enabling technologies for improving blockchain scalability are as follows.
Methods Related to Throughput
• Technologies for the number of transactions
• Technologies for the time of block interval
Methods Related to storage
Methods Related to Network
• Compact Blocks