Blockchain and Transaction Speed: Why Does it Matter?

Each blockchain is unique, yet each blockchain is plagued with similar problems. The issue related to blockchain scalability is the prime reason why blockchain hasn't become mainstream yet. Whenever debate about blockchain scalability heats up, technical specifications like transaction speed always surface. But what is the relevance of transaction speed in a blockchain ecosystem? How can we compare legacy systems with state-of-the-art blockchain systems? And why is it tough to scale present-day blockchain?Transaction speed is the rate at which data is transferred from one account to another. The faster a transaction is confirmed, the better the transaction speed is said to be. Transaction speed of a blockchain is one of the prime parameters through which viability of a blockchain is gauged.Transaction speed in turn hinges upon numerous other factors like block size, block time, traffic on the network, transaction fees, etc.Let's define these terms for the sake of understanding the article further:1) Block sizeEvery blockchain consensus rule permits each block to be of a specific size.

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transactions,learn,blockchain,bitcoin,ethereum