The Challenge and Prospect of Scalability of Blockchain Technology

Abstract

Blockchain is a decentralized technology proposed by Satoshi Nakamoto in 2008, without relying on trust, irrevocable and modified, based on a consensus mechanism. Blockchain technology was not created out of thin air, but was born as the underlying technology of bitcoin, a digital currency. Now it has received widespread attention for its implementation in distributed ledger. However, in the current era, the application of blockchain technology in actual scenarios has not yet matured, mainly due to some characteristics of blockchain technology itself. After weighing its advantages and disadvantages, it is increasingly becoming its limitation. One of the main aspects is the poor scalability of the blockchain, which not only limits the functional expansion of the blockchain and makes it impossible to apply the blockchain technology to a wider range of scenarios, but also limits the throughput of the blockchain system to a certain extent Promotion. Taking into account the characteristics and bottlenecks of the above-mentioned blockchain technology, different from previous studies, this article from the perspective of blockchain expansion, introduces some existing expansion technologies in solving the transaction rate of the blockchain, and analyzes its principles and feasibility. Through the classification and comparison of different expansion technologies, the advantages and possible disadvantages of various expansion technologies are described. Finally, on the basis of fully understanding the existing blockchain expansion technology, the outlook for the future development of blockchain expansion technology is proposed, with a view to providing some suggestions for the development of the blockchain expansion technology.