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Title: [2018-05-03] Blockchain is great, but let’s observe the other side of the medal Post by: S3cco on May 03, 2018, 10:28:28 AM Blockchain is great, but let’s observe the other side of the medal: What are the limitations?
https://bitcoingarden.org/blockchain-is-great-but-lets-observe-the-other-side-of-the-medal/ People admire decentralized technologies. They are expected to change the world and so on. Centralization is considered wrong. But the problem is that it’s still hard to find any ultimate decentralized solution implemented in the real world. There’s no doubt that Blockchain allows for quite a lot of advantages. Let’s outline some of them: 1.Makes it simple to verify the integrity of the ‘database’. 2.Allows for timestamping of all the changes. 3.Provides an ability of easy backup in real time 4.Delivers consensus to a decentralized environment 5.Makes it simple to audit the “book of records” in real time Note: These advantages are possible only in case of a correctly designed protocol. Undoubtedly, these qualities make the technology unique and give it an extremely high potential in the future. However, just like every new approach, it has a number of disadvantages that should be mentioned.... Title: Re: [2018-05-03] Blockchain is great, but let’s observe the other side of the medal Post by: entrepmind23 on May 03, 2018, 12:17:06 PM Quote To sum up, all the challenges the Blockchain technology is currently going through are, somehow or another, related to the infancy of such approach. By any measure, it is the people who need to maturate and get used to the new way of how things work. It will undoubtedly be a good lesson for the society, especially, for those at the top of it. Those who steer the control wheel. Governance and responsibility among others are two of the problems involved in blockchain technology. Being used to centralization, people are somehow dependent to the leaders for decision making which is not the case when it comes to blockchain. All will be the decision maker when it comes to blockchain so there are times when we don't know what will be the outcome of something. Responsibility is one of the problems as well because we like to find someone responsible for an act so that we will know to whom we can go in case we need something but when it comes to blockchain, no one has the single responsibility since the one involve are all responsible so you cannot pinpoint someone. Trust is not there that's why some are still doubtful when it comes to cryptocurrency being unregulated. |