Abstract
Today, numerous apps are being deployed on the blockchain to extend security and transparency. In order to cope with most of the real-world applications, blockchain is needed to be in its perfect state. For this purpose, the trilemma concept is addressed to emphasize the complete cooperation of decentralization, security and scalability without compromising any of these attributes. However, after years of revolution in the digital transaction sector, miners face serious scalability issues with Bitcoin’s peak limit of only 2–3 TPS. Furthermore, the ledger size of Bitcoin is on the way to exceeding 350 GB and growing exponentially. Among all other cryptocurrencies, Bitcoin is far ahead in terms of security and decentralization. However, it lacks proper scalability. Instead of being secure and decentralized enough, the Bitcoin blockchain cannot sustain any longer without scalability. In this paper, this trilemma problem is focused on making the Bitcoin scalable enough, so that a Bitcoin-like secure and decentralized blockchain can be adopted in real-life applications. A theoretical strategy for increasing throughput and reducing storage dependency is introduced in this paper. A solution for Bitcoin’s scalability issue in terms of throughput and storage, which uses IPFS and a dual-blockchain technique, is presented.
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Reno, S., Haque, M.M. (2023). Utilizing Off-Chain Storage Protocol for Solving the Trilemma Issue of Blockchain. In: Dutta, P., Bhattacharya, A., Dutta, S., Lai, WC. (eds) Emerging Technologies in Data Mining and Information Security. Advances in Intelligent Systems and Computing, vol 1348. Springer, Singapore. https://doi.org/10.1007/978-981-19-4676-9_14
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DOI: https://doi.org/10.1007/978-981-19-4676-9_14
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