Blockchain scalability enhancement using parallel miners selection

Abstract

Apart from the good utilization of the blockchain, there are different challenges that are there at the blockchain system. The problem is that despite several advantages of a blockchain, the current blockchain networks cannot support at large scale application system. Some of the major problems that blockchain technology suffering from are scalability, privacy, and interoperability. The major issue of blockchain technology is scalability. The problem of scalability means that the capacity to process a transaction on a blockchain is very limited and slow. If we think about financial transactions and we compare the ethereum blockchain or the Bitcoin blockchain to the financial transactions provided by Visa MasterCard or any other centralized company, then we would see a difference between them. The difference is that ten to fifteen transactions per second are performed by blockchain-based decentralized cryptocurrency systems in comparison to several thousand transactions per second by a centralized credit-card system.