Advantages and Disadvantages Of Blockchain Technology
Blockchain technology sure indeed has advantages and disadvantages as we know that everything in this up has it pros and cons. The below are few advantages and disadvantages of the blockchain technology.
| ADVANTAGES | DISADVANTAGES |
|---|---|
| 1 - The blockchain gives users the accessibility of their data by providing keys in algorithm like for securing their asset and information | 1 - most blockchain networks suffers the problem of Scalability and as such can not increase the loads of transactions. |
| 2 - It provides a decentralized system of operation by which power is been distributed and there is no center authority. As such, a user has power over his assets and he or she is responsible for all transactions performed | 2 - It is now susceptible to hackers as certain individuals have come out with a way to hack into people's wallets to steal their funds. |
| 2 - The blockchain has reduced the case of money laundry as one of it features is Transparency. This helps to reveal and track transaction movements. | 3 - There is high consumption of energy regarding the cryptocurrency and such high energy is costly to get and can endanger our environment. |
| 4 - It helps to record all transactions and store information for with that, it would be hard for one to steal from an organization without being caught as though the information can not be erase from the blockchain. | 4 - The case of not being able to retrieve your keys after they get missing is a big turn down regarding the blockchain. It does not have a password recovery option and once your keys are gone missing, your funds and assets are gone for good. |
So the above are both the advantages and the disadvantages regarding the blockchain technology. So as we all have seen, there's nothing in the planet earth that is made by man which is 100% accurate and has not lapses.
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