Blockchain is an emerging technology and arguably one of the next “big things.” As with anything so big and impactful, it comes with a few issues and limitations.
Before even diving into the technology behind blockchain and potential issues, perhaps one of the broadest issues facing blockchain is gaining the public’s trust. Blockchain is not only a new technology, it also comes with its own language, literally. There are numerous terms and definitions that accompany a person’s grasp of blockchain, and it can take some commitment of reading and learning to figure out. Not everyone is willing or able to do that.
Getting to the technology of blockchain, one of the issues is that a functioning blockchain requires a large network of users so that the data is stored on a wide-ranging robust network of nodes. To create that network it requires users, which up to this point has been no issue. But if the technology is to be adopted globally for other uses like financial management and government operations, then many more users will be needed.
Then there is blockchain’s one noteworthy security flaw, which is not a huge issue but could potentially become one. With blockchain, if more than half of the computers working as nodes to service the network agree to alter the blockchain in some fraudulent way, the fraud will become fact. This is known as the '51% attack' and was highlighted by Satoshi Nakamoto when he/she launched bitcoin. For this reason, bitcoin mining pools are monitored closely by the community, to ensure that nobody maliciously gains such network influence.
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