High-volume transaction processing in Bitcoin Lightning Network on blockchains

Abstract

Transactions on e-commerce platforms using blockchain technology are required to face high volume of executing transactions and these systems are required to be scalable as well. Most of the networks do not support high volume of transactions. Bitcoin Lightning Network can address this problem as it can execute high volume of transactions and is scalable due to few hops in the network. It is an off-chain payment channel built on top of a blockchain which speeds up the transactions. In this paper, we have discussed various networks based on blockchain and their transaction speeds. Transaction processing of Bitcoin Lightning Network along with the benefits and applications has been elaborated. We also propose a secure model on Bitcoin Lightning Network that can be used for any e-commerce platform or any application in the financial industry.