Disadvantages Of Blockchain
There is roughly $3.4 billion in bitcoin, which is the leading blockchain currency. One of the biggest innovations in finance is block chain software. This is the platform on which cryptocurrencies are built on. Bitcoin, Litecoin, and Ethereum are popular and tradable digital currencies. Blockchain has the ability to revolutionize contracts and finance, but since we are at the forefront of this technology, there are a few drawbacks including security and regulation problems.
To understand the uses for blockchain, an individual must understand how it works. There are two functions in this complicated process. The first component is the transaction. According to an article written by Mahid H. Miraz and Maaruf Ali, a transaction, in a blockchain,
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“Security, for example, is far from perfect: there have been more than 40 known thefts and seizures of bitcoins, several incurring losses of more than $1 million apiece” (Extance). For this technology to be widely adapted, security needs to be at maximum strength. This requires many academic minds to come together and create a solution. As it evolves the flaws will be fixed but more will be discovered. There will always be a way to hack someone or something, it is just how hard and what it takes for it to happen. Not only is theft an issue but power usage becomes a problem. “According to one estimate from 2014, Bitcoin miners collectively consumed as much power as the whole of Ireland” (Extance). This number will only increase as more cryptocurrencies are created and others develop. Another problem is regulation. It is not as simple as implementing new policies. The technology is capable of good and bad, figuring out how to limit the harm done may be the key to creating a better digital world. “Technologies such as music taping and the Internet were also considered extralegal at first and seemed threatening to the status quo”
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