We discuss a lot about what Blockchain is and how it can transform the current age of technology and many other things. However, what we fail to do is we often forget to analyze that is it really worth our time and hard work? We will get the answer when we compare its benefits with its limitations. So, in order to make you understand what are the clear advantages and disadvantages of blockchain we have shortlisted some very basic challenges and benefits of Blockchain.
Challenges of Blockchain
Immature Technology
There has been plenty of talks on how Blockchain can disrupt a number of sectors, but to be precise and factual there are still very few Blockchain based projects that are out in market and successful.
Lack of Understanding
Many of us only that Blockchain is just a disruptive tech which can take over many industries in future. However, little do we understand the primary objectives behind building Blockchain based applications.
Less Technical Knowledge of Blockchain
Blockchain is no doubt a revolutionary technology, but there still is a very low number of Blockchain developers in the market. It is not a new thing but it has just started to grip the market, so it is necessary for developers to get to know of this tech so that paper work can convert into real life examples. The special expertise in Blockchain is a must have tool for developers so that Blockchain can survive this early phase.
Immutable Nature
It is good to have immutable technology around your system but it could be the worst thing if you need to modify or reverse any process. Which in Blockchain is impossible. The immutability undoubtedly can be great in many ways but still, there will be a time when you would be needing to modify the content.
Benefits of Blockchain
Cost Friendly
Elimination of a 3rd party between 2 companies or individuals can reduce tremendous amount of cost. There would be no fees that you would have to pay the intermediary. The Blockchain is a secure system which eradicates the need of 3rd authority between two persons. Blockchain is a trusted network which can be used by many businesses to reduce costs.
Efficient
Since Blockchain does not require any third-party interference, it naturally becomes fast and efficient. Moreover, you can easily automate things as well which will not require any manual analysis. You also save your valuable time which you would have wasted with the 3rd authority. For example, Banks take a look at your transaction whenever you send money out of the country. The process takes time and is inefficient.
Applicable in Many Sectors
The technology is not limited to Financial Sector, but is expandable and applicable in almost all walks of life. For example, Energy Sector, Healthcare Sector, Entertainment Sector etc.
Can be Public or Private
Blockchain networks can be built according to your needs. If you want to limit the accessibility of all the track records to yourself, you can easily do that. However, if you want everything to be publicly accessible to gain everyone’s trust then you can turn your project public.
Read complete Article here : Benefits and Limitations of Blockchain
Sharing is caring!
(This article is from https://itechcrypto.com/ , which is created and manged by me. We are continuously working on it to make it better. So if there is any suggestion or comments please let us know so w can improve it)
Source of shared Link
