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Advantages and disadvantages of BlockChain
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[QUOTE="Jasz, post: 257330, member: 61772"] 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). [/QUOTE]
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