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Author Topic: [2019-05-28] Risks of Using Blockchain in Small and Medium-Sized Business  (Read 36 times)
MarinaTrif
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May 28, 2019, 12:36:01 PM
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Many SMEs in Italy and other parts of the globe use Bitcoin, cryptocurrency, blockchain technology and other major innovations in their daily operations. Small and medium-sized enterprises (SMEs) are companies whose size falls within certain pre-established occupational and financial limits.

Blockchain technology is considered by many people, to be one of the secure networks, however, according to the study conducted by a group of researchers from Hong Kong Polytechnic University, University of Electronic Science and technology of China, and Beijing University, the technology still has some voids and vulnerabilities that users need to know.

https://coinidol.com/risks-using-blockchain/
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May 28, 2019, 01:03:29 PM
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The group of senior researchers highlighted key popular risk factors associated with blockchain technology which includes: blockchain tech efficiency; 51% vulnerability; private key security; criminal activity including cybercrime; double spending; transaction privacy leakage; susceptibilities in smart contracts; under-enhanced smart contracts; and under-valued activities and operations. Source.


In my opinion, many of these concerns have been addressed before and as the technology is evolving many of these technological fears will slowly be eliminated. Now, am not saying that the blockchain is definitely perfect because nothing is especially when the technology is already applied. Each blockchain has its own potential and limitations. On the same manner, there are risks for a business not to adapt to innovation especially if your competitors are already into it.
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May 28, 2019, 04:38:11 PM
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The real risks are :
1. Blockchain (as database) is less efficient than other model of databases such as Distributed and Shard Database architecture.
2. They're using blockchain for problem which don't need or can't be solved with blockchain

Even recent study (https://www.coindesk.com/0-success-why-blockchain-apps-just-arent-taking-off) shows success rate of blockchain apps is 0%

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