Scalability is essential for blockchain technology to be able to handle more transactions, provide users with a seamless experience, reduce the costs of transactions, convince businesses to utilise it, maintain a stable network, and promote future growth and innovation. Scalability is also essential for blockchain technology to be able to handle more transactions in the future.
The blockchain community is constantly exploring new solutions to address scalability issues, and a variety of approaches are now being evaluated and developed in an effort to increase the scalability of blockchain networks.
Because of this, distributed ledger technology (DLT) must be superior to centralised systems in terms of its speed, cost, and ease of use by consumers and programmers alike. To accomplish this while preserving the characteristics that set blockchains apart from other distributed ledger technologies, as we covered earlier, is not an easy task.