A Survey on Challenges and Progresses in Blockchain Technologies: A Performance and Security Perspective

Abstract

Blockchain naturally fits multiple industry sectors due its characteristics of decentralization, enhanced security, tamper-proof, improved traceability and transparency. However, there is a significant concern of blockchain’s performance, since blockchain trades off its performance for a completely distributed feature, which enhances its security. In this paper, we investigate the state-of-the-art progress of blockchain, mainly from a performance and security perspective. We extracted 42 primary papers from major scientific databases and 34 online technical articles. The objective is to understand the current research trends, challenges and future directions. We briefly introduce the key technologies of blockchain including distributed ledger, cryptography, consensus, smart contracts and benchmarks. We next summarize the performance and security concerns raised in the investigation. We discuss the architectural choices, performance metrics, database management enhancements, and hybrid blockchains, and try to identify the effort that the state-of-the-art has made to balance between the performance and security. We also make experiments on Ethereum and survey other popular blockchain platforms on the scalability feature of blockchain. We later discuss the potential applications and present the lessons learned. Finally, we attempt to identify the open issues and possible research directions.

Keywords

• blockchain
• distributed ledger
• consensus
• smart contracts
• decentralization