Analysis of the Possibilities for Improvement of BlockChain Technology

Abstract

Bitcoin and Smart Contract are the first major applications of the BlockChain technology. But, with increasing the number of transactions, the process of verification on every transaction is very slow. This is the reason for a third major innovation called a BlockChain scaling. The scalability is a process of taking certain steps in accelerating the performing of transactions in this new technology. In this paper we analyze the possibilities for BlockChain scalability and we examine the advantages and disadvantages of the proposed solutions.