Abstract

Blockchain technology has brought a new change in many sectors mainly through provision of decentralized transactional solutions and it is an open, continuously growing list of records, which is distributed and not controlled by centralized authorities. The current regulation is the first one of such kind because it encompasses payment, communication, registration, and monitoring of transactions between members, without the need to have a central authority to manage the needs of the organization. There are however, challenges, which persist for example in data storage and scalability. This paper presents SetChain, a new solution that in order to eliminate these problems defines structured epochs for data storage and transaction grouping. This best suit the arrangement of storage as it retains the history of transactions. SetChain also uses the transaction signatures to ensure the authenticity of the data being used for the chain, upping security and trust. It applies consensus mechanisms to mitigate such activities and guarantee the system’s dependability. As for the seen in our simulations on the decentralized network wherein 20 nodes were used, the transactional throughput varied greatly, and this started from 440 to 520 by node. During the testing of the transaction validation with a sample of one thousand transactions out of the ten thousand total number deemed valid, forty-three hundred and five hundred and thirty-four were valid and the invalid ones were mainly due to failure in balance limitations. In addition, other transaction performance patterns beside node balance were derived from data storage simulations with the help of pandas. Another emergent attribute was the dealing of the Byzantine faults in the framework, and the entire network was sustained. It reveals highly improved means of storing the data of a blockchain networking than before, scalability and security and proposes a viable model for future decentralization agendas.