Drawbacks of Blockchain

Shubham Gupta Feb 23 2021 · 2 min read
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What's wrong with blockchain we are talking good things about blockchain we will talk about amazing stuff you can do with blockchain but as with every technology blockchain has some drawbacks. In this article, we will focus on some drawbacks of blockchain, when we say blockchain the option has multiple types out of which the famous one is public blockchain and private blockchain so the drawbacks which we are going to talk about is more for public blockchain than private blockchain.

  Image by Pete Linforth from Pixabay

Complexity: - Technology may not be complex but the terms itself, the moment you start learning it is exciting it's amazing but it all starts when you try to understand those terms we have consensus, we have chain, we have nodes, we have miners, so all these things actually create a lot of confusion initially yes the moment you start working on them, it will make the concept clear but initially it is complex the technology itself complex because you don't have a central server you have multiple machines you have to provide coordination there are different algorithms available so in general the concept of blockchain is complex but when you start working on it you know a lot of things will get clearer.

Security: - The technology of the blockchain is more secure than other networks. This doesn't mean, that it is completely secure. There are many ways in which it can weaken the blockchain network. Like a 51 percent attack can result in network control if an individual can control 51% or more of the network nodes, they will change the data in the ledger. This is possible on networks where it is feasible to manage miners or nodes. The susceptibility of public networks to this is greater. Another attack could be a DDoS attack, The nodes are bombarded with similar requests by a DDoS attack, congesting and taking down the network.

Slow Speed: - When you talk about public blockchain like Bitcoin it promises that they will replace banks, they will replace all the credit cards and debit cards now think about this we talk about Visa it can handle thousands of transactions per second and that's amazing and on the other hand when you talk about Bitcoin it uses proof-of-work as the algorithm and it can process around seven to ten transactions per second, if you say Bitcoin technology will replace the credit card and debit card you have to wait so the moment you use Bitcoin you have to wait for some time because we have millions of people doing transactions every day so we have to handle that right so Bitcoin cannot handle that speed, public blockchain is slow.

Wastage of Resources: - Blockchain uses proof of work and we all know how much energy it consumed to solve a given puzzle because not only one node will be doing it but  also we have thousands of miners and everyone is solving a given problem and the puzzle is a waste of time because the main thing is a transaction we have to add the block of transaction in a blockchain but for that, we have to do 10 minutes of work which will consume a huge amount of resources and we don't want that, we don't want to waste resources so that's the third drawback of blockchain.

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