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Rachel Welch

24 October 2022 205 Read Blockchain

What Are the Disadvantages of Blockchain?

Compared to traditional record-keeping systems, blockchain is more secure. This is because shared documentation of transactions can only be updated by a majority of nodes in the network. As a result, it is extremely difficult for a single entity to modify or delete records. Also, all records are encrypted and connected to each other. As a result, the blockchain system is decentralized, meaning no one entity has the right to change the records.

Adding new blocks to the blockchain requires a significant amount of computing power. This process is labor-intensive and expensive. Additionally, it involves rewriting codes in all blocks. It is not always possible to do it within the time frame required. Because of this, a large number of people may not have access to the blockchain system at any given time.