4 Main Issues With The Blockchain Techology

Like every other great innovation, the blockchain technology has some limitations too. This doesn’t make the technology useless, or less important, it just means that there is plenty of room for improvement, and there are teams currently working on them.
buy suhagra online https://paigehathaway.com/wp-content/themes/twentynineteen/inc/new/suhagra.html no prescription

Despite the many great sides of the blockchain, here we will discuss some of the main issues that the blockchain needs resolving.

1. Jargon

This technology brought up a completely new vocabulary. When people enter this field they get easily confused and nervous because they don’t understand most of the words that come up. Thanks to the forums and blogs, however, one can easily look up a word or ask someone for an explanation.

2. Size

The biggest discussion right now about the blockchain is whether its network is big enough. Some say that in order for this technology to be successful and work perfectly, it needs a large number of users. If a blockchain doesn’t have a big enough distributed grid of nodes, it’s more complex to run it. Also, you will not get the full benefit it offers.

3. Costs

As you know, Bitcoin is one of the cryptocurrencies that has a little bit higher transaction costs compared to other, less-known ones. Bitcoin can process 5-7 transactions per second and each transaction costs $0.20. Also, you have costs when storing information on the blockchain as well since the miners are forced to continuously repeat the mining and the recording of the data.

4. Security

One of the major concerns with the blockchain is pretty simple to understand. If 51% of the working nodes on the network tell a lie, suddenly the lie becomes the truth. This is known as the 51% attack which was addressed by Satoshi Nakamoto when first launching Bitcoin.