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Scalability Challenges and Solutions in Blockchain Technology

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Inventive Computation and Information Technologies

Part of the book series: Lecture Notes in Networks and Systems ((LNNS,volume 336))

Abstract

Bitcoin has come out as a huge cryptocurrency success, thus changing the digital transaction (Nakamoto in Bitcoin: A Peer-to-Peer Electronic Cash System. Decentralized Business Review, p. 21260, 2008). In the earlier days, even though proof-of-work (PoW) consensus had performance-related issues, it was not considered as a major issue. The transaction processing mechanism is 3.3 to seven transactions per second with smallest 200–250 byte transactions. While this was sufficient at the beginning, the system has been overloaded over the years resulting in low transaction speed and outrageous transaction cost. Massive growth in cryptocurrency results in scalability issues in the blockchain. With more companies trying to shift their existing system to blockchain, it would be difficult to tackle with the existing PoW consensus caused by its scalability issues (Xie et al. in IEEE Network 33:166–173, 2019). The purpose of this research is to fix the scalability issues and increases the transaction speed by applying techniques such as lightning network, plasma cash, and hard/soft forks.

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Correspondence to K. Harshini Poojaa .

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Harshini Poojaa, K., Ganesh Kumar, S. (2022). Scalability Challenges and Solutions in Blockchain Technology. In: Smys, S., Balas, V.E., Palanisamy, R. (eds) Inventive Computation and Information Technologies. Lecture Notes in Networks and Systems, vol 336. Springer, Singapore. https://doi.org/10.1007/978-981-16-6723-7_44

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  • DOI: https://doi.org/10.1007/978-981-16-6723-7_44

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