Scalability of blockchain -
Being new to cryptos, I've been trying to learn more about 'blockchain' and its advantages and drawbacks as a currency platform. Looks like blockchain has huge appeal for big corporations, and for their corporate needs it appears to be the future. But what about its use as the platform for a broad currency?
As I understand it, with blockchain, each new transaction has to first go back to reexamine every previous transaction ever performed, and in this way it confirms that the new digital transaction is not bogus ('double spending').
The problem with using digital information can be seen in the music industry, since digital copies can be made that are identical to the original. The same theoretical problem exists with a digital currency, so the blockchain solution is to re-examine every past transaction to make sure the new one isn't merely a fake copy. This is accomplished using the blockchain, which is a repository of all previous transactions.
The problem with this approach however is the massive computing power required to store and examine all previous transactions, which grows as the number of transactions increases exponentially. This might not matter for an individual corporation, but for a currency with millions/billions of transactions each day, how can this blockchain approach possibly keep up with the massive computing power required to re-examine all past transactions with each new transaction?
Can the blockchain approach have the scalability required to be the platform for a broadly used cryptocurrency? Thanks for any insights.
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