What are the pros and cons of Blockchain technology?
First of all, let me share something with you before going ahead on the topic. I asked someone which technology is the best and reaching on the top every year? It will be shocking for you but the fact is, he replied to me “All”. He wants to say that you are looking for such type of technology which is successful in today’s time. There is no such Technology that disappoints you. So all are an outstanding technology.
I think its right because every technology is wonderful in its own platform. This is difficult to judge which one is better or which is not. Unfortunately there are only 10% chances that technology fails like we saw on a wearable device. Sometimes they fail to show their facility what they promised.
Pros and Cons of Blockchain Technology.
Today I am not here to share the flop technologies. I want all of you to answer to me that which technology is used to record the Cryptocurrency transactions?
No, there is no need to get confused. We all have heard the word Blockchain. It always shows its skill and ability and works efficiency in every sector whether you watch out the agriculture sector or see the health sector. But what actually it is let’s find out. Blockchain is basically to maintain the list of the data record and work as a decentralized digital ledger.
Many people are still confused about the Blockchain and Cryptocurrency. Let me tell you Cryptocurrency is the tool whereas Blockchain is the network used by Cryptocurrency. Blockchain has gained access rapidly. In fact, you may find out that no such industry is untouched with Blockchain. So, I want to explore more about the Blockchain. I am going to share some pros related to Blockchain technology first and then next I want all of you to get aware of its cons too.
Some pros to understand related to Blockchain
- The first you should understand about the network and data stored concept. We all know nowadays the data of Blockchain can stored perfectly in all the devices that need it on a distributed network of nodes. So, it is clear that the system is high resistance and no such malware activity can happen. Infact less technical issue occur in it. Each of the network nodes is able to store a copy and there is no need to worry about the failure.
- Next, we will discuss with you about the role Blockchain played as if the data once registered in the Blockchain safely then it may be very difficult for any culprit to steal the information of any data. This is the biggest reason why the Blockchain called out to be the face of technology because every transaction record is safe here only.
- Now, the last one which is important for you that why Blockchain called to be a trust less system as we have seen many systems depends not only on the third party for the transaction but also on the intermediary. So, with the Blockchain, you don’t have to depend on that because the network of nodes checks and verifies the transaction via mining.
Some cons related to Blockchain technology
- First is about the attacks. As we have done research related to this process and get to know that the attacks may be possible against Blockchain. Although ratio is too low, in which 51% attacks are most discussed . This is one of the disadvantages and can be possible if one of the entity manages to control more than 50% of the hashing power.
- Many of you want to modify your personal data in Blockchain and got failed. If you allow Blockchain to store your transaction data and later on if you want to modify then it can’t happen. Stability of Blockchain is the reason behind this but sometimes you have to face some difficulty due to this advantage. If you want to change the code and Blockchain data then it may be difficult for you but not impossible. You need to do hard-work to change the data.
- The last disadvantage related to the Blockchain technology is about the storage concept. As We all know that growing trend of Blockchain technology can never stop but we want all of you to understand this. As it requires 200 GB storage. If the ledger is too large then of course, it is difficult to download and store.