In the public blockchain, anyone can join the network to execute a transaction. Bitcoin runs a Proof of Work (PoW) based consensus algorithm with 1 block creation time of 10 minutes and a fixed block size of 1 MB. The transaction processing peak throughput is between 3.3-7 transactions per second. The six-block confirmation latency takes around one hour.
At the high-level flow process, the transaction messages are submitted to the ordering service. The orderer then receives transactions from various channels and queues up these messages per channel. The orderer creates a new block of transactions per channel and delivers the block to all peers through the gossip protocol. The gossip protocol connects the peers in the channel and broadcasts ledger and channel data in a scalable fashion. The transaction message can be communicated...
