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Block chain & Scalability issues

Latest reply: Feb 19, 2022 14:47:43 683 24 14 0 0


Blockchain is a digital ledger of transactions that is copied and spread over the whole network, or to put it another way, "BlockChain offers a means/system of storing information that cannot be hacked or modified."

You may get more insight on BlockChain Technology, please see Link 


blockchain 1

BlockChain is NOT BitCoin

Some use cases of Blockchain

Blockchain technology can is being used in multiple areas, Some of the common use cases are

 Defi

BlockChain Use cases

DeFi

    The shift from old, centralised financial institutions to peer-to-peer financing facilitated by decentralised technology based on Ethereum is known as decentralized finance or DeFi. Millions of people are helping to construct and participate in this new economic system, which is redefining financial access, opportunity, and trust.


Digital Identity

    Enterprises, users, and IoT management systems all benefit from a blockchain-based digital identity system because it provides a uniform, interoperable, and tamper-proof architecture. The solution guards against identity theft and gives users more control over their data.


Supply Chain

    Global supply networks are now inefficient, poorly monitored, and frequently exploitative. From sourcing to consumption, blockchain can help with precise asset tracking, increased licensing of services, products, and software, and transparency into the origin of consumer goods.

 

Issues with Blockchain

    Blockchain is an innovative, decentralized, and growing field, but with this immense increase, some issues are also involved.

 

  • Security

  • Speed, and

  • Scalability

 bc

BlockChain 


Scalability of Blockchain

    Blockchain is increasing and flourishing in almost every walk of life from Finance, Real-Estate, NFTs to gaming and IoT. Network size is expanding

Scalability can be with respect to speed (Throughput), Network or Cost.

 

What really Scalability controls

  1. Adding more specific protocols for handling transitions 

  2. Division of Network

  3. Divide transactions in chunks.  

 

Scalability Solutions 

Protocol

    Proof of stake protocols is a type of blockchain consensus method that selects validators based on their bitcoin holdings. This is done to circumvent proof-of-work techniques' high computational costs.

  

Division of Network 

    With the division of networks into small groups for better and fast processing. Each group shares a separate Blockchain, so more and more blocks can be produced. 

    The network then processes the shards in parallel, allowing for sequential processing of numerous transactions. The information might be distributed across several nodes via sharding while maintaining information consistency. By employing cross-shard communication protocols, shards serve as evidence for the main chain while also assuring interaction with each other for exchanging addresses, general state, and balances.

 

Please feel free to leave a message and exchange in the comment area. Thank you!



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wissal
MVE Created Feb 14, 2022 19:22:43

Basically, the scalability issue arises with the increasing number of nodes and transac-tions in blockchain. This issue is indeed present in major public blockchain applications (e.g., Bitcoin and Ethereum) because every node needs to store and execute a computational task to validate every transaction.
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BAZ
BAZ Created Feb 14, 2022 19:43:16 (0) (0)
Cant agree more .. Thanks for sharing this .  
wissal
MVE Created Feb 14, 2022 19:23:10

Important content
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andersoncf1
MVE Author Created Feb 14, 2022 20:52:22

Well done! Thanks for sharing friend
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zaheernew
MVE Author Created Feb 15, 2022 03:51:26

very useful info
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faysalji
Moderator Author Created Feb 15, 2022 05:01:52

Excellent. Good topic selection
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faysalji
Moderator Author Created Feb 15, 2022 05:02:19

Good to know the use cases and the highlighted issues
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MahMush
Moderator Author Created Feb 15, 2022 05:10:36

amazing write up
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SamB
Moderator Created Feb 15, 2022 05:55:22

Good knowledge sharing. Thank you
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shakeela
shakeela Created Feb 16, 2022 16:26:14 (0) (0)
 
Kevin_Thomas
Created Feb 16, 2022 05:08:57

Excellent share Baz! Keep up the good work!
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BAZ
BAZ Created Feb 16, 2022 18:43:26 (0) (0)
thanks for appreciation dear  
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