The document discusses the challenges facing Bitcoin's blockchain, highlighting issues such as slower transaction times, high transaction fees, and lack of privacy, which have led to a decline in its use by businesses and the rise of competing cryptocurrencies. It emphasizes the necessity for strong leadership and innovation to maintain Bitcoin's market position while noting the potential applications of blockchain technology across various industries. The conclusion suggests a significant shift in blockchain adoption may occur within the next five years, impacting how transactions are conducted and verified.

1. Running Head: BITCOIN BLOCKCHAIN 1
BITCOIN BLOCKCHAIN 7
Varaprasad Mareedu
ID: 002836646
ITS 836 Data Science & Big data
Week-6
Professor: Dr. Helen Schleckser
Date: 02/15/2020
Bitcoin Blockchain
Introduction
The biggest problem facing the Bitcoin community today is the
political in-fighting and it’s potential to split the blockchain.
Right now, Bitcoin has many advantages in the market,
including being the most well know cryptocurrency, being the
most supported fiat-to-cryptocurrency exchange method and
being the largest blockchain by market cap. While Bitcoin is not
innovating as quickly as other blockchains, they are making a
good attempt at being the go-to cryptocurrency for investors. So
long as no one rocks the boat, they can maintain this

2. momentum. However, if a failure happens with the Segwit
transition and the chain splits, all of this momentum can be
halted.
The problem comes down to a lack of leadership. Since the
departure of many key figures in the Bitcoin community, most
importantly Satoshi Nakamoto, there is a distinct lack of moral
authority around the community. Instead, you’re seeing a lot of
foul play and high visibility exits with no one leading the ship.
If Bitcoin is to survive unscathed, they need a strong figure to
re-emerge and start directing action.
Challenge Facing Bitcoin Blockchain
Slower Transactions
One of the biggest challenge before Bitcoin is the issue of
slower transactions. The duration for a transaction to be
approved has increased drastically (CryptoScores, 2018). This
has made Bitcoin take a hit. A number of businesses, who were
initially very enthusiastic about Bitcoin, have stopped accepting
Bitcoin. The issue of slower transaction was always around the
corner since 2009. And, this only adds to the misery that how
did the developers fail to come up with a solution until now.
The average time taken for a Bitcoin transaction to be verified
and approved is 43 minutes. And, there is a possibility that
some Bitcoin transactions remain unverified forever.
The reason behind this is the transaction fee. Those who offer
higher transaction fee gets verified before others who do not.
This leads to formation of a queue in the list of transactions.
This becomes painful for those who pay less or do not pay
transaction fee. They are kept in waiting for hours and in very
few cases, for even days to get their transaction completed or
verified. This has enabled other cryptocurrencies such as
Litecoin to eat up the market of Bitcoin.
Expensive Transactions
Every transaction through blockchain is subjected to a
transaction fee which creates a queue. The order of business
changes according to the highest payer. In simple words,
whoever pays the highest amount for transaction fee gets their

3. transaction approved before other. So, if a person has to send
the money across instantly, he/she will need to pay an
extraordinary amount of money which will directly make the
whole transfer expensive (Shi, 2019). This has been widely
criticised by people and analysts around the world. This has led
a number of people to search for alternative options in
cryptocurrencies.
Privacy
Since Bitcoin operates on a public blockchain, it does not offer
privacy. This drawback of Bitcoin has been used by other
cryptocurrencies as their unique feature. A large number of
people want privacy in transaction and hence considering a
switch. Contrary to popular misconception, Bitcoin is not
private but anonymous. No Bitcoin transaction is encrypted,
each transaction is hashed. So, every transaction is public. In
place of counting this as advantage, the point has been
advertised by others as a disadvantage. Rival cryptocurrencies
have addressed the same to their profit.
Bitcoin Technical Challenges
Blockchain is decentralized, this implies that no one is
responsible for system security as well as maintaining. In
blockchain, every node can secure the system by processing
transaction. Blockchain transactions are directly linked to the
user hence anyone can create a new wallet secretly and can
transact through that wallet (Ahmed, 2020). Identity verification
data like security numbers that cannot be openly stored in
public smart contracts. Credential management is another factor
which is not managed in an open, ultimately unsecured smart
contracts.
Formal authentication of smart contracts is a big issue in
blockchain. Formal verification is used to determine whether
the program behaves as per the specification or not. One of the
main issue with implementing blockchain into everyday lives is
with the fact that all the projects, companies, firms etc. that
utilizes Blockchain have made it seem too technical hence it
stands out as something for only the tech people. The term

4. blockchain alone scares the common man because of the way it
has been presented. Also blockchain platforms don’t have any
centralized authority to control and it’s completely trustless and
open system where no one responsible for setting and
maintaining standards.
Solving Bitcoin Blockchain Challenges
Testing has become the most important aspect in success of
implementation of blockchain Technology due to decentralized
peer to peer architecture with shared ledger available to the
network nodes. This ensure that all the transactions are capture
within the block which is continuously and securely linked to
chain. Blockchain technology apply Smart Contract rule which
is absolute, means once implemented it stays permanent
(Michaud, 2018).
In an event a newer version of the contract is comes up, due to
production error, then manual transfer of stored data is needed,
which is a tiresome process. Blockchain application requires all
the standard testing and validations such as functional,
integration, security & performance with specialized testing as
well as Smart Contract testing, Node testing, & advance level
non-functional testing.
Integration testing – Blockchain always works with integration
of other interfaces so key obligation is to facilitate consistent
feedback from all nodes and avoid any system failure. Proper
information should be provided to the testing team for all
interfaces along with their response status.
Performance- Performance testing is challenging for blockchain
as it is very difficult to replicate production like environment
for performance testing. It needs to be tested for network
latency in relation to node size, network range, possible
transaction rate and time it takes to process a transaction.
Blockchain platform performance, scalability and stability
Security – it is critical to determine network integrity at all
time. All blockchain transactions are encrypted but once the
identity layer is compromised the instant transaction cannot be
stopped. In security several testing must be done such as

5. blockchain access testing, secure hash algorithm testing,
blockchain wallet signature testing.
Conclusion
Blockchain might be one technology but it has applications
across multiple industries. Whether we talk about healthcare or
finance, politics or manufacturing, there are ways to implement
the technology in different ways. For instance, transparency and
accuracy in voting can be achieved with tokenized votes in any
major election. In the same way, banking services can be made
more accessible, affordable, and faster with cryptocurrencies.
There are many other applications of blockchain and change has
already begun. It won’t be wrong to assume that a major shift in
blockchain adoption can be observed within the next 5 years.
Blockchain can possibly change the manner in which all
industries operate, especially the manner in which business
transactions are conducted as well as verified.
It will be easy for organizations to find the right people to fill a
certain position within the organization as there will be a
database containing this information. Vetting and screening
candidates will be easy. The social effect of blockchain
innovation has just started to be acknowledged and this may
simply be a hint of something bigger. Cryptocurrencies have
just created doubts over financial services through computerized
wallets, the rollout of ATMs and the arrangement of advances
and installment frameworks. While considering the way that
there are in excess of 2 billion individuals on the planet today
without a bank account, such move is surely an actual life
changer and must be a positive one.

6. Reference
Michaud, K. (2018). Why Blockchain: The Complete Guide to
Understanding Bitcoin and Blockchain. Kyle Michaud.
CryptoScores. (2018). Bitcoin, Blockchain, & Cryptocurrency:
A Complete Guide. Author.
Baker, C. (2019). Bitcoin and Blockchain Technology! The
Ultimate Beginner's Guide Informazioni Su Bitcoin, Blockchain,
Blockchain Applications, Cryptocurrency Mining and Investing.
Shi, N. (2019). Architectures and Frameworks for Developing
and Applying Blockchain Technology. Hershey, PA: IGI Global.
Ahmed, M. (2020). Blockchain in Data Analytics. Newcastle
upon Tyne, PA: Cambridge Scholars Publishing.
View of Beyond Cryptocurrencies: Influence Of Blockchain in
Future. (n.d.). Retrieved from
https://archives.ourheritagejournal.com/index.php/oh/article/vie
w/2575/2452
Running Head: CLASSIFICATION 1
CLASSIFICATION 4

7. Classification
Student Name
Tutor’s Name
Date
Study Summary
A study was conducted to build up an extensive classification of
the types of use of research markers which can be applied in
quantitative examinations. The classification was derived from
the data on research about markers use given in the diary
writing in the field of scientometrics/bibliometrics. Researchers
showed the various classifications in the classification in terms
of examples from which the classification has been inferred. By
use of this methodology, researchers as well gave a picture of
recent study which mention the utilization of research
performance markers.
Study Outcomes
The review of the current application of research pointers
exhibited in the study uncovers the pertinence of information
coordination and interoperability: there is such a variety of
application, that no single marker can serve every one of them,
nor is it likely that any marker is valuable for only one of these
reasons (Celeux & Murphy, 2019). This implies most purposes
must be served by a mix of markers and that, simultaneously,
numerous markers will fill a few needs however together with
various mixes of different markers. This, thus, implies it is
profoundly alluring that information from various sources and
various pointers can be identified with one another, and share
normal definitions and characterizations so they can be used
together.

8. Study results likewise uncovered that the information sources
and markers are characterized by our classification of sorts of
use. This demonstrated where similarity or 'relatability' is
generally required and what sort of activity has furthest
significance. Hence, on the off chance that things being what
they are, a specific set of markers is frequently used with the
end goal of the allocation of financing to colleges, at that point
it bodes well to organize the work on a typical depiction of
colleges in this set markers and the core information sources.
Subsequently, the stupendous moves presented to the present
foundation can be tended to all the more effectively and even be
guided by utilizing our classification of types of use.
Role of Classification
Classification is used to classify user profiles and generate
tailored feeds automatically for a certain user starting from his
interests. A simple classification method is Naive Bayesian
classification that uses conditional probability. I is also used
for recognizing spam emails and automatically discarding it in
the spam box (Jiang & Shekhar, 2017). Also K-nearest-neighbor
is another algorithm used to classify new entries based on their
features. In financial sector, classification is used to determine
if a transaction is deceitful or in some way violating some
guideline. That is a classification pattern due to the fact that
most of the time you will try to match against a pattern, which
might not be 100% correct.
In finance, time is of essence hence you must be able collect
data, run a model, and deliver desired outcome at the same time
to be able to monetize any possible opportunity. Clustering
algorithms can also be used to classify documents based on
their content. One of the most famous is K-means. LDA method
is also a way for classifying text from a semantic point of view.
All those classifiers are first trained with labeled data (Vidales,
2019). It means that they learn from the labeled data how to do
their task. Fitness wrist bands such as fitbit ones are trained to
recognize user’s activity such as walking, cycling, running or
sleeping. This way they can measure and report activities with

9. great precision.
Reference
Celeux & Murphy. (2019). Model-Based Clustering and
Classification for Data Science: With Applications in R.
Cambridge, FL: Cambridge University Press.
Vidales, A. (2019). Data Science with Matlab. Classification
Techniques. FL: Independently Published.
Jiang & Shekhar. (2017). Spatial Big Data Science:
Classification Techniques for Earth Observation Imagery.
Basingstoke, FL: Springer.