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Appl. Sci. 2021, 11, 9372 5 of 27 In general, there are two types of blockchain: the permissioned and the permission- less. The permissionless blockchain is open for anyone to join and perform transactions. It permits all participants to take part in the consensus process in forming the chain. Bitcoin [2] and Ethereum [13] are the classic examples of permissionless blockchain. Per- missioned blockchain is a private chain allowing only proprietary users to join and per- form transactions. Users may belong to one or more organizations. In case of more than one organization, the chain is referred as consortium-based blockchain. Hyperledger fab- ric [14] and multichain [15] are examples of private and consortium-based blockchain in which the number of participations is restricted. 2.1. Digital Signature A digital signature [7] is an asymmetric cryptography deployed in a trustless envi- ronment. Every block in the blockchain is assigned a public and private key. The private key is like a password that no one has access to except the owner, and it is needed to sign- in to blockchain to perform the transaction. The public key is visible to every node in the blockchain network, and it is used to access the signed transaction that was broadcasted across the entire network. The digital signature works in two phases for signing into a transaction. 2.2. Consensus Mechanism The consensus mechanism specifies how to have every node to agree on the verified state of the ledger. It is a process of approving/verifying transactions to avoid the double- spending issue. The consensus mechanism is characterized as either proof-based or vot- ing-based mechanism. Proof-based is mostly utilized in public/permissionless blockchain. Proof-of-work (PoW) protocol is well recognized as the proof-based consensus mecha- nism. However, it suffers from high energy consumption and required specialized hard- ware and resources. It consumes more computation energy in verifying blockchain trans- actions. Proof-of-stake (PoS) is another example of proof-based mechanism. It can process transactions much faster than PoW but is vulnerable to other possible risks such as the Agency issues. Ethereum is known to gradually implement the PoS because of reduced energy consumption and better scalability. The voting-based consensus model is typically used in private Blockchain. PBFT is one good example of voting-based consensus model. 2.3. The Key Characteristics of Blockchain This section discusses the key characteristics of blockchain on decentralization, per- sistency, and auditability. 2.3.1. Decentralization Decentralization: in the traditional centralized system, a trusted authority is required to validate every occurring transaction in the network. However, the decentralized envi- ronment does not support any governing authority or single entity to control the whole network. All the nodes in the network collectively manage the network, i.e., decentralized governance. The transaction in blockchain can therefore be accomplished between 2 peers (P2P) without the approval of a central agency. 2.3.2. Persistency Each transaction occurring in the blockchain network is spread and stored across the network, which can amount to 100 s and 1000 s of nodes. It is therefore not possible to tamper or alter the data in the blockchain [16]. In addition, each block must be validated by every other node in the network and the transaction in those blocks must also be veri- fied. Data tempering is thus impossible.PDF Image | Review of Challenges in Blockchain Scalability
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