Blockchain technology has many benefits, and that’s why it’s in use in many industries. But there are many drawbacks of this technology that can’t be avoided. And if we want to use this technology for benefit, then we must solve those drawbacks, which are:
Not a Computing distributed System
I know block uses distributed ledger technology, but the biggest lacking of this technology is not being a computer-distributed system. However, this technology depends entirely on the nodes of the users. That means if the nodes are not strong and good in quality, then the blockchain won’t have the quality. For example, the Bitcoin blockchain platform is extremely strong. That is because all the nodes used on that platform are extremely strong and the best in quality. But that’s not true for other platforms, and many systems are weak because they use weak nodes in the blockchain system. However, if this was a computer-distributed system, then it could be better for users.
Too Much Energy Consumption
We all know that blockchain was introduced with Bitcoin. And blockchain requires validation for transactions, and most blockchain platform uses the Proof-of-Work algorithm for validation, where people have to proof their transactions by solving complex mathematical problems. And to solve those complex mathematical problems, miners need a massive amount of energy, which is not beneficial for the real world. That is because that much energy consumption will cost you a huge amount that will be extremely hard for you to bear. At the same time, that much energy consumption is also harmful to nature.
One of the most impactful disadvantages of blockchain is data immutability. That is because the one you have access to a blockchain network and have your trace on there or written something or shared data on the blockchain network, then it’s impossible to remove that. It doesn’t matter that platform is owned by you. Still, you won’t be able to remove that. On the other hand, if you own more than 50% of the nodes of any blockchain system, then you will be the one who will control that blockchain platform. And someone who will possess more than 50% of the nodes will be able to access your data, and you won’t be able to do anything, which makes blockchain very vulnerable.
Blockchain has many benefits, but it also has many inefficiencies. Bitcoin is one of the most popular and strong blockchain platforms. But it still has many inefficiencies. For example, when I tried to set the miner in the Bitcoin platform, I noticed that it easily crosses 100s GBs, which is not efficient because one miner needs that storage, so if more nodes add to the network, then it will need more storage, and if the system grows day-by-day, then the system will slow down eventually, which is not a good sign for the system. And that is the drawback that needs to be solved as quickly as possible.