By far, you must have read about the advantages of
By far, you must have read about the advantages of blockchain technology, and if you have, then you must have an impression that this technology is perfect.
Well, you are wrong, blockchain technology still has a long way to go. Currently, when compared to the growth of the Web, this technology is comparable to the dial up connection stage of the internet.
Because of its youthfulness, there are still several major weaknesses of blockchain, we are going to discuss a few of them here –
Blockchain is Slow
Bitcoin is the first successful use case of the blockchain, and it can only process around 7 transactions per second.
Ethereum, the second most popular use case of blockchain can handle up to 20 transaction per second.
To put that into context in 2016, Visa processed 1,667 transaction per second. There are lesser known blockchain that are popping up and boasting faster transaction times, however, they are yet untested.
The bottom line is that the technology has a long way to go if digital currencies are to become the mainstream form of payment for goods and services.
You May Also Read: Blockchain in Education
Immutability vs Right to be Forgotten Laws
The right to be forgotten laws that went into effect in May 2017 enforced by the EU in their new GDPR is what gives individuals the right to either rectify or delete any data that has been posted without their consent.
The right is in direct conflict with one of the blockchains most prominent features, it’s blockchain immutability.
One of the documents that you would like to keep private has been uploaded to the blockchain, how do you remove them?
There are things which could rectify this, like blockchain oracles which have the power to change things in the blockchain and other more centralized options.
You May Also Read: Public Key
Complexity
One of the biggest barriers between blockchain and wider population is just how complicated it is, and how daunting it is to comprehend and use for the average person.
From hash rates, to address keys, Uncles, Orphan blocks and hard forks, the world of the blockchain is just full of concepts and processes which haven’t been refined enough yet for your little old grandma.
You May Also Read: Difference between Bitcoin and Bitcoin Cash
Overall
As a whole, the big brains, currently behind the growth of the technology, are working on solutions to these weaknesses.
As mentioned above, blockchain technology is young and improving with each passing day. The fact that it is capable of even much in its infancy is incredibly promising and its potential to completely change the world grows with each passing day.
But for now, the technology continues to fill the world with excitement and individuals from all industries will be keeping a very close eye on its development.
Here are a Few Articles for you to Read Next: