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
Dear @flash07, I must say that I get to this publication thanks to the reference of my friend @crypto.piotr.
Most of us know that the blockchain technology is an insipinte technology that is breaking with great force, but that has a lot of room to improve, as the developers are gaining more expertise in the management of this technology I think it will improve and the projects based on it they will be better each time.
Thank you @fucho80 & @crypto.piotr.
Agree with you my friend.
Posted using Partiko Android
I've got to admit that I am disappointed by the pace of adoption. Having written numerous articles last year about blockchain projects, it is sad to admit that not one took off yet. So, yeah, we still have to cross the limitation bump.
Posted using Partiko Android
Good to see you @oivas.
It's like Internet my friend. It took time and now see no one can live without it.
I hope so too flash. I have collected so many airdrops. 😊
The ones which worked are NULS and hopefully Digitex.
But then my point was also in the larger context of making blockchain mainstream.
Posted using Partiko Android
I truly believe in it my friend. Blockchain is the future.
All of us are hoping for that to be true. Especially, people like you and me who understand the benefits of crypto and blockchain! 😊
Posted using Partiko Android
Hope for the best :)
Also my friend if you have time please check my blog iTechCrypto which I specially made for Blockchain & Cryptocurrency.
Your feedback is too valuable to me.
Sure. Will do once I reach home. 😊
Posted using Partiko Android
Friend @flash07, your publication although when you read it seems to create many doubts, at the same time you clarify with a very simple way to explain the same question.
Definitely little is known about this however it is already booming, if you do not believe it, facebook are entering the play together with many companies that support it, if a global company like this is included, it means that the economic performance is very good. companies that is what they look for a utility for their investment,
I know I'm talking about economics in a topic that raise doubts about how it works, I think that next time I'll be reading a publication of yours giving more information.
Greetings, friend, have a great day
Hello, my dear @flash07!
Excellent post. I have always thought that many times the failure of projects, cryptocurrencies, ICOs, applications based on blockchain fail because they only use it to generate income and do not exploit the advantages that this technology has and that you have clearly explained through this post. If they focus more on exploring the features and advantages. Then we would take advantage of the technology as it should be.
Thanks for sharing
This post has received a 10.00% complementary upvote from @swiftcash 🤑
Congratulations @flash07! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Thank you very much @steemitboard.
Posted using Partiko Android
Hi @flash07
I'm sorry for such a late comment. In past few days I've been quite busy and only now I had chance to visit your profile.
I tried to visit your site but it seem to be down right now :(
Yours
Piotr