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Blockchain Technology Advantages And Disadvantages

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BLOCKCHAIN WEAKNESSES
Every technology has its own limitations, even before they finally progress or risk becoming outdated. The blockchain technology is also not an exemption. Despite all the good things and the possibility of it taking over the financial future, the blockchain technology still has some technical weaknesses that make it imperfect and impractical for today’s normal use. Lots of effort is implemented to resolve these issues, but it is important we are realistic in addressing virtually all these problems.
1. Uncertain regulatory status
Since modern currencies have always been created and regulated by national governments, the blockchain technology faces a hurdle in widespread acceptance by the pre-existing financial institutions should the government regulation status about it remains unsettled.
2. Integration concerns
The blockchain technology offer solutions that require considerable changes to, or …show more content…

Transaction speed
Processing a block of transactions takes a lot of time. For instance, it takes an average of 10 seconds for a new block to be created in a Bitcoin blockchain while Ethereum blockchain takes an average time of 15 seconds.
8. Applicability
The desire to apply the blockchain technology in all domains without proper reasoning is also one of its weaknesses. Lots of developers are making attempts to use it as a solution to every problem out there, even though there is not much known about this technology as well as its advantages over the existing ones. The blockchain technology is not yet matured, but gradually developing and evolving on a daily basis.
9. Inevitable security flaws
If more than half of the nodes working in service to the network should lie, the lie becomes the truth, known as the '51% attack '. This was emphasized by Satoshi Nakamoto when he launched Bitcoin. Consequently, the mining pools need to be closely monitored by the blockchain community to ensure no one mistakenly gains so much network influence.
10. Human

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