Blockchain is an innovative and beneficial technology that has shown some remarkable uses so far. However, just like any other technological revolution, it went viral before we could taste some of its failures and shortcomings.
While it may be easy to sit down and write all the good things about blockchain technology, the reality is that it poses some issues and limitations that need to be addressed. So, what are Blockchain’s issues and limitations? It is only through trial and error and extensive research that experts in the field have understood some of these issues and limitations.
What are Blockchain’s Issues and Limitations?
It is essential to know all the shortcomings of blockchain technology before saying that it is irreplaceable. Here are some of the issues and limitations of blockchain technology.
Blockchain technology runs on a peer-to-peer network with a large number of nodes since each user on the blockchain is an independent node. The bigger network means that it is stronger to respond to certain risks, but the risk of its internal defects remains. When it comes to networking, size matters.
When a blockchain isn’t a robust network with widely distributed nodes,it becomes quite challenging to reap the full benefit. Nonetheless, some people still argue that this isn’t a fatal flaw for some permission-based blockchain networks.
Blockchain technology is quite sophisticated, and it has also introduced entirely new terminology and vocabulary which is a significant disadvantage for some people.
Although blockchain has made cryptography its mainstream, this highly specialized industry is still full of technical jargon. Fortunately, there are efforts to develop online glossaries and indexes for people whose expertise falls outside blockchain.
Since blockchain networks are being used as databases, there is a need to ensure that all the information going into the database is of high-quality. However,the data stored on various blockchain isn’t inherently trustworthy since there is always a risk of human error at the entry point.
If events aren’t recorded accurately, everything on the blockchain maybe distorted. The computer phrase of “garbage in garbage out” is still valid when it comes to blockchain technology just as it is with the highly centralized database systems.
Since blockchain technology provides individuals with an opportunity to digitize some governance models, there are some huge disagreements in public between different community sectors. These disagreements are a feature of blockchain technology and are usually expressed around the question of changing or updating the blockchain protocol only when a majority of the users agree.
Just like any other distributed system, blockchain responds to attacks in various ways and grows stronger over time. While these debates can be quite technical at certain times, they are informative for anyone who is interested in understanding consensus, the mix of democracy, and Blockchain’s features in governance.
Blockchain technology is still an emerging innovation with immense potential,and there is no doubt about it. However, some people have been blinded into thinking that this is a perfect innovation without any flaws.
Only a few experts in the field have taken their time to research and address the question of what are Blockchain’s issues and limitations? But,regardless of all these shortcomings, blockchain technology still has more positives than negatives and has a lot to offer.