Blockchain technology is secure and reliable. It’s not controlled by any single entity, so it cannot be manipulated or corrupted. It’s decentralized, meaning no single person or group controls it. And it’s immutable, meaning once something is recorded on the blockchain, it stays there forever. It’s possible to make changes to the code of a blockchain, but doing so requires a lot of computing power, time, and money. Some people think that blockchain is just a fancy way of saying, “just write stuff down.” But that’s only half true. There are many different types of blockchains, each with its own unique features. There are advantages and disadvantages when you get into using blockchain; we have listed them below for your convenience
Advantages of using a blockchain
- High-End Security
Blockchain is the only system that provides enhanced security using the method of end-to-end encryption. The data that you store in a blockchain cannot be viewed by everyone. It is in your hands to whom you grant permission on a blockchain only that certain users can view your information.
- More Efficiency and Speed
The traditional methods of transferring money consume a lot of time, and there are more chances of errors. By doing the transactions in the blockchain, your transactions will be done more efficiently and rapidly; this is something that anyone who needs to perform various transactions a day prefers.
The blockchain network allows you to trace your data where you want. You can create an irreversible audit and keep track of all of the changes that are being made to your network; however, the traditional database has no transparency, which means you have no guarantee of the trail.
Disadvantages of using Blockchain Technology
The blockchain isn’t perfect. It doesn’t work perfectly 24 hours a day, seven days a week, and sometimes things go wrong.
- More Costly
Blockchain is a newly developed technology and not recognized by many people, and this is the reason that the installation charges and implementation costs are much higher than traditional transaction methods. This is a major drawback of blockchain technology because businesses usually prefer cost-friendly innovations
- Difficulty in Modifying the data
In a business, there are errors sometimes when the data is recorded, or sometimes data is missed, so there is a constant need to change the data that has been entered, but blockchain technology does not support modification of the data. Once you have entered and saved certain information and you need to change it, you have to rewrite the codes in all of the blocks, which is both time-consuming and expensive.
Blockchain may seem difficult to understand, but the book The Block by John McMickle makes it way easier to understand by putting the concept of using blockchain in a fictional story. The author has described a world that uses blockcahins and cryptocurrency. The main character of the novel is a detective who deals with the frauds that happen in blockchain technology. A book that takes along an amazing storyline and extensive knowledge.