The Blockchain technology is revolutionary. After the internet, the next best thing that happened to man is the Blockchain. Alot of Dapps and smart contracts utilizing the Blockchain tech are practically changing how wealth, dividends, contents and ideas are shared and distributed.
However, there ain’t no such thing as perfection in the world we are living today. Blockchain indeed has some major advantages, but at thesame time, has some downsides.
So today, I highlighted some of the downsides of Blockchain technology.
1.Immutability: the facts that transactions are immutable in the Blockchain network is a double edged sword because it is the major advantage of the Blockchain network and at thesame time has some downside. All data recorded on the Blockchain network are immutable and cannot be altered. Looking at this from another perspective, it could become a downside because any data recorded on the open Ledger cannot be modified so therefore, Crypto theft cannot be reversed! So even if someone should hack into your wallet and steal your funds, I’m afraid, there is absolutely nothing that can be done to recover your lost fubds.
2. 51% attack: Blockchain network runs with the assumption that honest people control the nodes. So if some bad nodes collectively control more computing power than the good nodes, they can initiate a 51% attack thereby deciding what gets written on the ledger.
3. Lack of support: unlike traditional banking system, if you Feel your acc has been compromised, all you have to do is to out a call through to the support and your case is resolved in a blitz depending on the magnitude of compromisation. But in Blockchain network thing are quite different. There is absolutely no one to lay complain to Incase your wallet gets hacked! Keeping your funds safe is your sole responsibility.
4.Slow transaction processing due to insufficient Nodes: all transactions in Blockchain are recorded and distributed across various nodes . If for some reasons the connected nodes are not enough, transaction processing may be relatively slow as found in Bitcoin!
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