Thursday, September 12, 2019

Disadvantage of blockchain technology

The proponents of blockchain are excited about its application. It remove the need for a trusted third party and allows all the participants to monitor the transactions and be assured that they are reliable.

This platform uses the concept of duplicating the database in many servers (called nodes) and comparing the results. If any of the database is hacked, the other database will be able to overrule that database using a voting and consensus system.

I find this method to be inefficient and costly. I also have my doubts about the need to ensure integrity of the database in this convoluted method.

I am not enthusiastic about the use of blockchain and the independence from a trusted third party.

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