A Systematic Review of Blockchain-Based System: Transaction Throughput Latency and Challenges

Abstract

Blockchain is a relatively new technology that is already gaining traction in the academic community. A peer-topeer network structure underpins blockchain technology. It is made up of blocks, which are inventories that develop as new accounts are added to the system. Blockchain's stability is ensured by cryptographic technology. Although blockchain is rapidly developing and providing us with a secure and convenient service, it is not without its drawbacks. Bitcoin suffers from low throughput and high latency, both of which are detrimental to the scalability of the blockchain. The transaction rate of Bitcoin is 4.6 transactions per second. Visa conducts 1,700 transactions every second on average. Since the number of transactions on the blockchain is increasing every day, it's critical to address scalability problems until the system hits its limit. Privacy leakage and selfish mining are explored in detail, along with potential solutions. As a future direction, we envisage focusing more on improving the efficiency of throughput and latency with the suggested solutions of authentication, monitoring selection for an epoch, and mass mining using modified proof of work algorithm.