Analysis of on-chain and off-Chain scalability solutions in blockchain technology

Abstract

Blockchain Technology is becoming extremely popular among various industries due to its many applications such as payment services, smart contracts, digital identity, supply chain management and others. To cope up with the increasing demand, Blockchains must be able to scale and process transactions at a much faster rate than its current capabilities. Since most of the Blockchains mainly focus on security and decentralization, scalability is often sacrificed. As a result, Blockchains have incredibly slow processing speed. Over the years, many scalability solutions have been proposed. In this paper, we discuss about the scalability issues which are currently present in Blockchain and further analyse various on-chain and off-chain scalability solutions of Blockchain Technology.