Exploring Blockchain Mining Mechanism Limitations

Abstract

Blockchain is a new technical revolution based on decentralized architecture to support peer-to-peer communication without a third party. All transactions occurring in the blockchain network are recorded in a distributed shared ledger and become immutable. Mining is the mechanism of confirming transactions and creating blocks in the chain. Miners are nodes representing the network computational power responsible for forming blocks in the network through running complex mathematical computations. This paper investigates the current blockchain mining mechanism limitations.