What Is Blockchain’s Biggest Challenge?

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The Biggest Challenge Facing Blockchain

If usage and the passage of time have revealed anything about blockchain, it is its usefulness and ingenuity. The introduction of blockchain birth a revolution in how the World would come to perceive the technology. Without leaving much room for question, everyone embraced blockchain with their arms wide open. However, just like every other technology, blockchain has experienced a few drawbacks encompassing limitation, constraints, and problems. The reality of these drawbacks hit the World through researches and experimentation conducted by experts into the problems.

So what are the drawbacks of blockchain?

Although the blockchain technology seems irreplaceable and its dominance irrefutable, it does come with few concerns. Some of these are:

Network Size

The technology behind blockchain technology makes use of interconnected nodes. This categorizes each user into a distinct node. The system is made of a large and interconnected system, and as a result, it generates more substantial responses to risk. Regrettably, when it comes to networking, the size does matter and so its internal problems are noticeable.

Uneven distribution of the blockchain system via a robust system could end up causing problems. It deprives users of its utmost advantage. To some extent, some permission-based blockchain still claims that this defect is excusable.

Intricacy

Since blockchain is relatively new, it includes vocabularies and terminologies which some people would consider a bit too modern. Blockchain has effectively utilized the art of writing and solving codes (cryptography) and so a lot of people find it difficult to keep up. Fortunately, to ensure comprehension and ease of use, efforts are underway to solve this problem by introducing indexes and glossaries.

Human Error

All the data gathered and fed into the blockchain system function as a database. This means that only quality data should be fed into the system. The quality of the data fed into the system is relies on the quality of the human that carried it out. Unfortunately, human entry error has considerably reduced the completeness and validity of blockchain information.

The computer system operates on a “garbage in garbage out” design. When the wrong data is imputed, it gives out a wrong output.

Politics

Blockchain has frequently been regarded as an emerging World power. This is because of its ability to refine the digital approach of various sectors through various designs. This has resulted in a various dispute between the community sector and the public regarding blockchain governance.

The major area of contention is on updating and altering blockchain protocols to accommodate major users.  Since the system is dispersed, it reacts differently to attacks. The arguments seem necessary most times to ensure that the system is secured from attackers and keep its growth constant. Although they mostly center around its governance feature and democracy.

Conclusion

Although the blockchain system has been established as a fast-rising technology, it is evident that it still leaves more to be desired. While some regard it as faultless, professionals understand that this is not so. Blockchain does have its shortcoming, however, all things considered, it holds up well.

I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.