Blockchain seems to work better than the traditional storing system. Its complexity for the decentralized and record without limit potential lead to its perfection. The greater implementation of blockchain allows the system to maintain privacy and heightened security to lower processing fees and fewer errors. The function could be beyond the description, but there are some disadvantages in blockchain leading to debate. This is the review!
Those on the positive side see blockchain as a well-improved accuracy where it could limit human error and involvement in verification. Blockchain also allows cost effectiveness by eliminating third-party verification. Its decentralization nature could help the platform to be tempered with. Moreover, the transaction could be more secure, private, and efficient. Many agree that blockchain promotes transparent technology. Finally, they noted that it provides a banking alternative as well as a way to secure personal information. This is for citizens in the country where the financial infrastructure is not stable.
Those on the negative side argued that this significant technology cost has the biggest association with mining bitcoin. Transaction per second is too low. Then, blockchain has a dark history where the dark web existed along with many illicit activities. Furthermore, there are also uncertainties in the regulation that vary by jurisdiction. Data storage is also subject to certain limitations.
Here are few elaborations of the advantage of blockchains:
The chain is more accurate. This is because the approval of the blockchain network is going through thousands of computers review. The verification process removes almost all human involvement. Thus, there is less human error in the record information. Although the computer also has computational mistakes, the error only occurs in the one copy of blockchain. This copy of blockchain does not affect the other copies. The lethal error of blockchain, requires at least 51% or more computer network errors. Thus, the error probability is too small.
