Pros and Cons of Blockchain


a blockchain is a data structure composed of a particular set of Records linked to each other using cryptography a blockchain can be seen as a distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way interesting blockchain has increased in recent years given the popularity of cryptocurrencies like Bitcoin or the smart contracts platform aetherium that is the blockchain as their underlying technology but what are the advantages and disadvantages of blockchain technology let’s take a closer look to begin with all data stored in blockchain is immutable once a piece of data enters into the blockchain it is practically impossible to alter its value because it would invalidate all the child locks whose ancestor have been altered this is guaranteed using advanced cryptography algorithms on the other hand this immutability could also be an issue when data is recorded into the blockchain it cannot be modified this is why it is not possible to reverse the theft of cryptocurrency funds however blockchain is fault tolerant if for some reason a node or a set of notes is shut down the whole network will not be affected because the remaining nodes will continue working as usual assuming there are sufficient accurately operating components to maintain the service a noteworthy problem with notes is that they can cause slow processing if there are not enough blocking networks required notes to run but as many of these networks are new they lack the number of notes to facilitate widespread usage in other words luxury networks are not fast locks are added at regular time intervals and notes prioritize transactions with high rewards for completing transactions in a supply and demand scenario this causes some transactions to be confirmed later than others if the reward provided to them is not competitive still no person or organization owns the whole system the blockchain is a distributed ledger every node in the network has an identical or almost identical copy of the ledger this ensures that if a note is compromised or damaged it can always be restored every could receive a complete copy of the database from the system through the form of a sub database but what about the punks safety could be turned to customer support in case we lose our private key somehow the answer is no loitering technologies involve the use of private and public case if those keys are not kept safe the risk of losing funds or introducing valet transactions from business logic point of view is present law chain allows digital transactions to happen between parties who do not trust each other there is no need to trust third parties because the technology behind it is based on consensus before adding a new block or transaction every node in the network verifies the authenticity of the item and then proceeds to either added to the head of the blockchain in case of a new block or in a block to the mind in case of a new transaction the issue is that most of the nodes resources are spent on mining and the amount of transactions of blockchain systems capable of processing is far below some alternatives designed to handle thousands of transactions per second plus blockchain technologies work under the assumption that honest nodes control the network if attacker nodes collectively control more computational power than the good ones the network is vulnerable to the so-called 51% attack in this scenario all those nodes would be able to control the transactions to be added to the blockchain but notes aside people are still exploring and finding new ways of implementing blockchain technology in daily life due to its versatility resulting in new and innovative applications some of them are voting and consensus property ownership documents and certificates supply chain business decentralized storage with all of this in mind it is possible to say without a doubt that blockchain technology is revolutionary with the potential to improve or develop new systems in different industries and areas its applications could be countless but like any technology it’s not a silver bullet it has demonstrated that it could be useful for storing immutable data ensuring that nothing or no one will alter data for there benefit since blockchain is decentralized no central authority can control it making it less corruptible with its fault tolerant and robust system due to the redundancy of the data it contains blockchain could play an important role in the global society in near future with numerous possibilities from a worldwide decentralized economic system to authenticity verification and supply traceability what could blockchains next big achievement be

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