Advantages and disadvantages of BlockChain

[blockchainxTECH]

Advantages and disadvantages of BlockChain

The fact that the BlockChain is a distributed database makes it particularly useful in certain respects. Distributed applications run on networked computers. They coordinate their actions by passing messages between different instances of the application or through shared memory. This allows them to have a higher level of availability than “classic” applications. In addition, they cope better with outages that isolate one part of the network from its other parts.

These advantages do not come without some disadvantages. It can be complicated to keep data in a BlockChain database. Indeed, there is no guarantee that an update performed in one place will also be performed on other parts of the network. This means that theoretically someone could spend the same bitcoin more than once . Fortunately, the way the Bitcoin blockchain records transactions is designed to solve this problem.

 

[Jasz]

BlockChain is a decentralized system of record. The blockchain is a distributed database that keeps track of the records in a chronological and transparent way.

BlockChain has many advantages:

1- Decentralization: The Blockchain is decentralized, so it's not owned by anyone or any organization.

2- Transparency: All transactions are visible on the public ledger and can be accessed by anyone at any time. This makes it possible for everyone to know what's going on with their money at all times.

3- Simplicity: Because there is no single point of failure, it's extremely secure and easy to use.

4- Immutability: Once recorded on the blockchain, information cannot be altered without altering every record after it in sequence.

5- No single point of failure: Since there is no central authority, if one node within the chain goes down, then all nodes go down - which means that even if every node within the chain were to go down simultaneously, no data would be lost as they will still be stored on other nodes in the network (and vice versa).

The disadvantage of blockchain

The disadvantage of blockchain technology is that there is no central authority who can verify if all transactions are valid or not. If a transaction doesn't pass some kind of validation, then it won't be added to the blockchain and therefore will not show up in your wallet. This means that if someone tries to send you money without having enough funds in their wallet, then they will never see the transaction since it won't make it into the chain!

The third big disadvantage of using a blockchain like Bitcoin or Ethereum is that they are very slow compared to other payment systems such as Visa or Paypal (which take 1 second). This makes them less useful for day-to-day transactions since they would take too long to complete them (even though they're totally safe).

 

[Holicent]

The advantages of using a blockchain are many:

1) It is completely transparent: all transactions are recorded on the public ledger and can be viewed by anyone at any time.

2) Transactions are irreversible: once they've been made, they can't be changed or undone.

3) Settlement times are dramatically reduced: transactions take place almost instantly instead of taking days or even weeks like they do today, when they're settled through banks via clearing houses or other intermediaries.

4) There's no need for third-party verification — if you're sending someone money, there's no need for them to trust you as a reliable source of payment before they receive your funds because all transactions are fully transparent and verifiable on the ledger itself.

The biggest disadvantage of the block chain is that it's not decentralized. This means that the system would be vulnerable to attacks by hackers. In order to make a transaction, you have to trust the miners who are verifying your transaction. If they are all controlled by one entity, then you have no way of knowing what they're doing with your money or how they're storing it.