"PROS AND CONS OF BLOCKCHAIN"

Hey everyone! So this is my second article on blockchain. In the first
one, i talked about what blockchain was. Don't forget to check that out.
The link would be present at the bottom.
So today I would be writing it's advantages and disadvantages and it is
so intriguing.
https://www.google.co.in/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjBvbu5z93UAhVErY8KHemkCm8QjRwIBw&url=https%3A%2F%2Fwww.extremetech.com%2Fextreme%2F226832-could-the-bitcoin-blockchain-one-day-run-your-entire-city&psig=AFQjCNFw2FGdZSjABiXeVKRoNimMliVRcw&ust=1498638631563155

ADVANTAGES

NON CENTRAL CONTROL: There is no administrator or a third party
controller of blockchain. Rather than having some centralized
application logic, blockchain transactions have their own proof of
validity and authorization to enforce the constraints. There is no
recording of data on a central server and instead of storing data with
some people(servers), it just uses a database locked by cryptography. So
the chances of corruption of data are highly reduced.
Also the third party control of data uses a lot of money and people for
recording and security of data. In contrast, blockchain does not have
such hassles.
USERS IN CONTROL:Users are in control of their info and transactions
as there is no intermediate in between.
3.HACKING RISKS REDUCED: The information on blockchain is available to
everyone. so that reduces the need of a hack. Also the blocks are saved
using clever cryptography. So that also reduces the risks of tampering
with the data.
HIGH QUALITY DATA:Blockchain data is complete, consistent, timely,
accurate, and widely available.
TRANSPARENCY: The data is widely available and the data cannot be
altered with. Any changes are also viewed publicly.
LOWER TRANSACTION COSTS
By eliminating third party intermediaries and overhead costs for
exchanging assets, blockchains have the potential to greatly reduce
transaction fees.
https://www.google.co.in/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjQhsidzt3UAhWJp48KHZ9EDWMQjRwIBw&url=https%3A%2F%2Fbetanews.com%2F2015%2F12%2F28%2Fthe-benefits-of-blockchain-for-financial-services%2F&psig=AFQjCNFw2FGdZSjABiXeVKRoNimMliVRcw&ust=1498638631563155

DISADVANTAGES:

VERIFICATION: Every blockchain transaction must be digitally signed
using a public-private cryptography scheme. This is necessary because
transactions propagate between nodes in a peer-to-peer fashion, so their
source cannot otherwise be proven. The generation and verification of
these signatures is complex, and constitutes the primary bottleneck in
products. By contrast, in centralized databases, once a connection has
been established, there is no need to individually verify every request
that comes over it.
Every transaction should be processed by each and every node and
this takes a lot of work.
SOCIAL ACCEPTANCE: the public is very slow to accept such things as
there is no regulatory authority. So people are very reluctant in
accepting this. bitcoin got introduced in 2009 but still it does not
have a wide audience. Governments are very critical of such things as
they feel that their powers and currency would be limited.
CONTROL, SECURITY AND PRIVACY:
While solutions exist, including private or permissioned blockchains 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.