Challenge

The main challenge for the project was the slow transaction speed of blockchain technology. To handle the required volume of transactions, we needed to find a solution that could scale the system while maintaining the security and transparency of the blockchain.

To address the challenge of slow transaction speeds, we implemented a hybrid blockchain using microservices, 2-phase commit transactions, message queues, and a unique ZK proof algorithm to verify every transaction. The microservices architecture allowed for easy scalability by enabling the system to process transactions in parallel. The 2-phase commit transactions ensured data consistency across all nodes in the network. The message queues allowed for the decoupling of components, and the ZK proof algorithm provided a secure and efficient method for verifying transactions. Additionally, we optimized the blockchain for performance by using a more efficient consensus algorithm that reduced the time it took to validate transactions.

Overall, the hybrid blockchain design and implementation for Benker.io allowed for high transaction speeds, scalability, security, and transparency, providing users with a reliable and efficient financial platform.