Limitations of blockchain technology
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Limitations of blockchain technology
One of the limitations of blockchain technology is that it is complex. The emergence of blockchain led to the introduction of a whole new vocabulary. The industry in which this technology is featured is a quite complex one as it is highly specialized, thus making it difficult for the new users to interact with the involved systems. However, this challenge has been dealt with through the introduction of blockchain-related classes and courses for new users. In this case, such persons get to know the language and the jargons that are applicable in the field and how the systems work altogether.
The other disadvantage of blockchain is that mining does not come with network security. With blockchain technology, the miners are not able to maintain the security of the blockchain (Bashir, 2017). The initiative relies on security from external network security providers. Given this case, hackers may find it easier to maliciously attack the system as long as they can gain access to the network. Therefore, blockchain technology is not secure as it lacks network security.
Last but not least, the inability to be destructed is the other challenge that is associated with blockchain. In this regard, it is noted that a nation may decide to prevent indestructibility of the blockchain service providers, and this can be done by cutting off communication or confiscating the server firms (Laurence, 2019). In simpler terms, blockchain technology-related services are offered by some cartels who compete in some respective pools. As a result, this minimizes the chances of competition.
References
Bashir, I. (2017). Mastering Blockchain: Distributed ledgers, decentralization and
smart contracts explained.
Laurence, T. (2019). Introduction to blockchain technology: The many faces of
blockchain technology in the 21st century.