Blockchain Pros vs. Cons
Written by Flavius Nitu
For all of its complexity, a blockchain’s potential as a decentralized form of record-keeping is almost without limit.
From greater user privacy and heightened security to lower processing fees and fewer errors, blockchain technology may very well see applications beyond those outlined above.
However, there are also some disadvantages.
#Blockchain technology provides numerous advantages that can prove beneficial in many industries across the world.
— Energi (@energi) April 17, 2022
However, there are also limitations & risks.
Can you name any other Pros & Cons regarding Blockchain utility? pic.twitter.com/PFekqktqC7
PROS
- Improved accuracy by removing human involvement in verification.
- Cost reductions by eliminating third-party verification.
- Decentralization makes it harder to tamper with.
- Transactions are secure, private, and efficient.
- Provides a way to secure personal information for citizens of countries with unstable or underdeveloped governments.
CONS
- Significant technology cost associated with mining as part of Proof of Work consensus.
- Low transactions per second (TPS).
- History of use in illicit activities, such as on the dark web.
- Regulation varies by jurisdiction and remains uncertain.
- Data storage limitations.
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