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I setup an eos private network which is creating block at speed of 500ms per block is it possible to reduce it to 2sec per block or more The problem is most of the blocks gets produced with 0 txs in them because not alot of users are using this network

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Block interval is not configurable option, so you need to build nodeos by yourself.

https://github.com/EOSIO/eos/blob/de78b49b5765c88f4e005046d1489c3905985b94/libraries/chain/include/eosio/chain/config.hpp#L38

However, I don't think changing block_interval_ms is not tested much. (Some parts of code can be written assuming block interval of 500㎳) You may experience side effects when you change it.

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