Examining the Other Side of the Coin: Blockchain’s Limitations – A Bit of News

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People admire decentralized technologies. They are expected to change the world and so on. Centralization is considered wrong. But the problem is that it’s still hard to find any ultimate decentralized solution implemented in the real world.

There’s no doubt that Blockchain allows for quite a lot of advantages. Let’s outline some of them:

  1. Makes it simple to verify the integrity of the “database”
  2. Allows for timestamping of all the changes.
  3. Provides an ability of easy backup in real time
  4. Delivers consensus to a decentralized environment
  5. Makes it simple to audit the “book of records” in real time

Note: These advantages are possible only in case of a correctly designed protocol

Undoubtedly, these qualities make the technology unique and give it an extremely high potential in the future. However, just like every new approach, it has a number of disadvantages that should be mentioned:

  1. Governance issues
  2. Responsibility issues
  3. Constantly growing volume of data
  4. Capacity issues
  5. Confirmation…

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