Disadvantages Of Blockchain Technology

Decent Essays
Blockchain Technology

a) Introduction to Blockchain Technology
As defined by Marc Andreessen, the co-founder of influential Silicon Valley venture capital firm Andreessen Horowitz, Blockchain technology is a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer.
Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.

b) Advantages and Disadvantages
In a business industry where monetary involvement is concerned, there is no doubt that transactions take place at almost
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Fraud, cyberattacks, and even simple mistakes add to the cost and complexity of doing business, and they expose all participants in the network to risk if a central system, such as a bank, is compromised.
Credit card organizations have essentially created walled gardens with a high price of entry.
Merchants must pay the high costs of onboarding, which often involves considerable paperwork and a time-consuming vetting process.
Half of the people in the world don't have access to a bank account and have had to develop parallel payment systems to conduct transactions.a dark side to

With such wide-ranging possibilities, there is no surprise that blockchain has the potential to enhance the quality of service delivery while improving confidentiality and integrity of data. With its promise of providing secure and transparent transactions, blockchain seems poised to be one of the digital world's key pillars.

C) Two Ways Blockchain Can Be Used
The potential use for the blockchain is vast. It could be applied to almost any form of record-keeping, agreement, contract or register.

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