Problems with Blockchain

Before Blockchain became known throughout the media as a business tool, Bitcoin was associated with it as the payment network (also called the bitcoin blockchain) that made it possible.

As many speculative buyers of cryptocurrencies and digital 'coins' lost vast amounts of money in the bubble that burst, so also the hype was lost in it's technology as well.
But aside from the PR aspect of Blockchain, there are some fundamental issues that need to be addressed. 

Aside from the comical flowchart picture, here are some bullet points of the discrepancies blockchain still has to work out. 

Lack of standards. 

One hurdle to growth in blockchain technology has to do with regulatory standards. 
Most of the major governments across the globe are not congruent with regulations and adaptation to blockchain. 
Since blockchian is now becoming integrated wtih finance and shipping, and soon to be in many other sectors as well, commerce between various regions need established protocols that are agreed upon

The other major roadblock is what's called a 51% attack that can disrupt a Blockchain.

Technically speaking the only condition in which a blockchain can be hacked is when more than 51% hash rate is controlled by one node thereby giving it the ability to control the validation of the new blocks. This is called a 51% attack

This is why it is essential that the larger the network, the less chance of nodes that will be compromised. Nodes are distributed across a widespread network and carry out a variety of tasks. A node is a device on a blockchain network, which is in essence the foundation of the technology, allowing it to function and survive. 

Link: (Not necessarily my opinion)
Opinion: Cryptocurrencies are useless. Blockchain solutions are frequently much worse than the systems they replace. Here's why.

So is this truly a secure network?

Here is a short video by Siraj Raval that goes into more detail, and the solutions.

Feel free to leave your comments below.


Popular posts from this blog

Blockchain-Based DNA

New iPhone 11, 11 Pro, 11R and 11 Max