Block Size

What Is Block Size?

Initially, the Bitcoin blockchain was designed to work with blocks of up to 36 MB in size; however, security concerns enforced the need for significantly smaller block sizes. 

Why Is Block Size Important?

One of the main concerns when it comes to block size for blockchains is the overloading of the network. The faster blocks fill up with transactions, the bigger the chance for longer wait times for transaction approval. For example, Bitcoin’s blockchain is more prone to slower transaction processing because of the small block size of only 1 MB. In a hypothetical situation where nodes cannot cope with the number of pending transactions because of the limited size of blocks, users might suffer from very slow processing speeds, or even canceled transfers. 

This is unacceptable for a new-age financial solution which aims to revolutionize the global economy. Consequently, there are numerous experiments in the works that are trying to solve the block size dilemma. 

For the moment there is no consensus on what the best approach to solving the block size problem might be. Most blockchain networks are looking into ways to optimize the use of blocks, and simultaneously prevent security concerns.