A Review on the Capability and Smart Contract Potential of Block chain Technology

There has been a lot of buzz about blockchain technology lately, thanks to the success of digital currencies like Bitcoin and Ethereum. All of these applications of blockchain technology have received a lot of attention. Bitcoin and Ethereum were able to process 7 and 15 TPS, respectively, when they were launched, whereas VISA and PayPal were able to process 1700 and 193 TPS. Scalability, which may be described as the capability to modify the block size to accommodate the rising traffic, is the most significant barrier to the widespread adoption of blockchain technology. This article aims to examine blockchain applications, including their applications, smart contracts, and the solutions to those problems. It is vital to scale blockchains while maintaining their fundamentally decentralised nature to appreciate these technologies' promise fully. The successful implementation of scalability solutions is necessary for several reasons, including the provision of services whose performance is on par with that of prevalent technologies, the support of innovative applications, and the maintenance of the workload produced by an expanding user base. In the future, this study will be extended by considering the options that contributors provide as an initiative towards resolving these issues.