Disadvantages Of Block Chain Technology

One of the biggest innovations in computer science today, is block chain computing. According to Andy Extance, who is a freelance science writer, there is roughly $3.4 billion in bitcoin, which is the leading currency operating on block chain technology. Block chain is changing the future course of numerous industries because of its ability to streamline transactions, how contracts are established, and further uses are still being discovered. As this technology evolves, it will have practical applications in the twenty-first century.
First, an individual must understand how the sequence of events operate to fully understand how applicable these programs are. There are two functions in the block chain process. The first component is the transaction.

Cryptocurrencies have numerous advantages, although this is true, being in an early stage exposes this technology to weaknesses. Being decentralized keeps the money safe from misuse by governments, safeguarding against inflation and other problems. In third world countries where the government makes poor financial decisions, the negative impacts on the currency also affect each citizen. Cryptocurrencies allow individuals without access to stable banking institution, connection to a more solid system. Another advantage is, the capability to exchange money globally for a lower cost. Extance says, “this system is drawing interest from financial institutions such as JP Morgan Chase, which think it could streamline their internal payment processing and cut international transaction costs” (21). In contrast to a regular bank, cryptocurrency paperwork is stored on a digital ledger in a fast and productive way. Sending money in bitcoin or other cryptocurrencies could save struggling families thousands of dollars in extra charges when sending money

For this technology to be widely adopted, security needs to be at maximum strength because trustworthiness needs to be immeasurable due to the nature of what is being exchanged. The problem lies in the logging in process. Hackers are keen at deciphering or fishing important information involved in signing into a digital wallet to access your cryptocurrency. For developers to use this technology at its fullest potential, documents and currencies need to be un-hackable. Many academic minds need to come together to find a solution which would benefit countless