A Review of Conventional Techniques used for Optimized Utilization of Resources in Blockchain Network

Blockchain technology is a game-changing technology that can completely overhaul number of domains by proposing decentralized, transparent, and unchangeable transaction ledgers. The purpose of this overview of the literature is to methodically examine previous studies that have attempted to maximize resource usage in blockchain networks. The initial section of the survey explains the basic ideas of blockchain technology as well as the essential hardware requirements, such as processing power, storage, bandwidth, and energy. After that, it investigates other optimization strategies that have been put out in the literature, including resource allocation plans, network protocols, consensus algorithms, and data compression. This literature review offers an in-depth examination of peer-reviewed articles, conference papers, and technical reports, offering valuable perspectives on resource usage optimization inside blockchain networks. It points up areas in need of investigation, obstacles to overcome, and potential paths for academics and business experts.