The revolution of technology has brought many innovative systems in almost any industry, such as Blockchain technology. But these systems aren’t always simple to understand and use. What do we know so far about Blockchain’s issues and limitations?
Current state of Blockchain’s issues
Some influencers in the blockchain industry are claiming that Blockchain receives too much attention, while the technology has issues and should not be used for many digital interactions.
However, through the methods of trial and error, research and development, we have many clues about current Blockchain’s issues.
Blockchain technology it’s a complex system that has made the cryptography well-known to the public. This is because there is a large number of explanatory and helpful guides and articles online.
Factor of human error
Like all distributed systems, if a Blockchain is used as a database, the information stored in it has to be of high quality. The database should record the events as accurate as possible because the data stored in it isn’t 100 percent trustworthy. If false data entered the system, false data also will exit from it.
Dangers regarding the security flaw
Satoshi Nakamoto, when he first launched Bitcoin, talked about the ’51 percent attack.’ There is one possible security flaw in all Blockchains. In the case that more than half of the computers serving (as nodes) the network tell a lie, then the lie will become the truth.
To prevent this, the community is closely monitoring Bitcoin mining pools.
Blockchain protocols are able to digitize governance models. Also miners are in fact forming another type of incentivized governance model. So it’s natural there would be public disagreements between different community sectors.
These debates usually involve the situation of ‘forking’ a system. This is a process that requires updating the Blockchain protocol when a great percent of a network’s users agreed to it.
These disagreements are often very technical. But also informative for anyone interested in the governance experimentation, a situation this technology is opening up.