Thanks to the various digital transformations, slowly and steadily, blockchain technology is making its place amongst the people and the market. Though many people are using this technology, many others are still hesitant.
Well, just like everything else, even the blockchain technology has its own advantages and disadvantages.
Are you interested in knowing about the pros and cons of technology?
So, let us have a closer look at the various advantages and disadvantages of this amazing blockchain technology.
Advantages of Blockchain
Here are some of the advantages of blockchain that can interest you in the best possible manner:
High-level of Security
Blockchain is considered to be highly secure because it uses digital signatures and encryption technologies. Thanks to both these highly secure technologies, the network or the system of blockchain are designed to be highly secure, transparent, and hassle-proof.
As blockchain technology uses several blocks that are integrated together to form a chain, each block has its own safety measures. It is impossible to make changes in any information related to any of the blocks and thus, the overall blockchain network is secure and safe.
Moreover, any changes made in any of the blocks can easily be traced and can be corrected immediately.
All the parties involved in the transactions are immediately informed about the completion of the transaction. This makes the blockchain technology secure, convenient, and transparent to all the parties involved.
No Hidden Charges
As the blockchain is decentralized and is not controlled by a single central organization, there is hardly any need to pay to the intermediator. Thus, there are no hidden charges involved in blockchain technology.
This allows many businesses to reduce their working costs by quite a good margin. Thus, it is a secure way to save business funds.
Unlike the traditional way of doing transactions, blockchain technology offers a much faster and speedy way out. The processing speed for any transaction with this technology is really fast. Therefore, it saves the maximum time of the people associated with this technology.
Disadvantages of Blockchain Technology
Let us now understand some of the disadvantages associated with it.
Well, one of the major disadvantages of blockchain is its storage. With time, the size of blockchain can increase due to the addition of many blocks to the existing chain. This can require more space for storing the blockchain without compromising with the details of the associated data.
All the people associated with the blockchain have their own private keys for accessing their accounts, money, etc. Just in case, if their private key is lost, there is nothing that can be done in this case and all the related money will be effectively lost.
While one side, the inability to easily modify the chain data is secure but on the other side, not being able to modify any data is a bit disadvantageous. Even if you have entered any data by mistake or made an error in entering the data, there are several hassles to correct it.
Irrespective of these disadvantages, blockchain technology offers many unique and much-needed benefits for the users. There is no denying that blockchain technology is here to stay.