Pros and Cons of Blockchain Technology

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pros&cons blockchain.jpg
A blockchain is a decentralized ledger that contains data about all transactions performed across a peer-to-peer network. Transactions are recorded by time and grouped into back-linked blocks that are crypto graphically secured and organized in chains. The transaction data contained in these blocks is immutable, and is considered to be trusted and secured.
It is a revolutionary technology that will enhance cyber security and change the way businesses make transactions. The concept of the blockchain was initially described by Satoshi Nakamoto.First introduced in 2008 as the mechanism behind the crypto-currency Bitcoin, blockchain is now recognized as the most influential technology for the future of business. Since then, blockchain - based startups have appeared in various industries including banking, education, social media, and security.

Pros of blockchain technology

1.Empowered

Users are in control of all their information and transaction.

2.High quality data

The data is complete, consistent, timely, accurate and widely available.

3.Durability, reliability and longevity

Due to the decentralized networks, blockchain does not have a central point of failure and is better able to withstand malicious attacks.

4.Process integrity

Users can trust that transaction will be executed exactly as the protocol commands removing the need for a trusted third party.

5.Transparency and immutability

Changes to public blockchain are publicly view-able by all parties creating transparency and all transaction are immutable, meaning they cannot be altered or deleted.

6.Faster transaction

Inter bank transactions can potentially take days for clearing and final settlement, especially outside of working hours. It can reduce transaction times to minutes and are processed 24/7

7.Lower transaction fee

By eliminating third party intermediaries and overhead costs for exchanging assets, blockchains have the potential to greatly reduce transaction fees

Cons of Blockchain Technology

1.Nascent technology

Resolving challenges such as transaction speed, the verification process and data limit will be crucial in making widely applicable.

2.Uncertain regulatory status

Because modern currencies have always been created and regulated by national governments, blockchain and Bitcoin face a hurdle in widespread adoption by pre-existing financial institutions of its government regulation status remains unsettled.

4.Large energy consumption

The Bitcoin network’s miners are attempting 450 thousand trillion solution per second in efforts to validate transaction, using substantial amounts of computer power.

5.Control, security and privacy

While solution exists, including private or permissioned  and strong encryption, there are still cyber security concerns that need to be addressed before the general public will entrust their personal data to a blockchain solution.

6.Cost

It offers tremendous savings in transaction costs and time but the high initial capital costs could be a deterrent.

Comments

  1. Johny Depph24 February 2020 at 16:02

    The global gaming industry is evolving every day and providing gamers with games like real-life experiences using top-notch VR technology. In the future, we would see even more refined, crisp and clear real-world experiences with the advancements in VR. Get the best blockchain development services from the top blockchain development company which benefits like transparency, security, reduced costs, traceability and quick and highly efficient.

    ReplyDelete

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