Blockchain Scalability Solved via Quintessential Parallel Multiprocessor

Abstract

The increase in usage and interest in blockchain technology has shown its benefits and potential uses and its drawbacks and issues. The amount of time it takes to mine, make transactions, and perform other functions is one of the several scalability issues being analyzed. This paper presents a quintessential parallel multiprocessor approach to implement proof of work distributed blockchain to increase the number of transactions and lower mining latency and cost by applying vertical scaling, consensus, and reduced overheads. The proposed approach is providing promising results by increasing the number of transactions per second (tps) and reducing latency for mining. The distributed approach aims to partition blocks among processes, where processes work for blocks, and each block holds a distinct part of the ledger of the blockchain. The transaction process involves validation and reaching a consensus when the storage location is available only to the intended block. The proposed approach is achieving scalability. It is observed that the given approach has low latency, high throughput, and lower cost in comparison to some existing approaches.