The Problem with Blockchain Technology

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BLOCKCHAIN EXPLORER.png

BY: @ZESTIMONY

A database system called the blockchain claims to store data in a manner that makes it very difficult or perhaps impossible for someone to try to change it or even try to fake it. With no need for a centralized storage system, the blockchain offers to store blocks of data, each block comprising some records, and distribute these blocks over a vast network of computers. With all this, the blockchain pledges to be a revolutionary method of preserving data and transactions through a network that is more secure, privacy-focused, indelible, and revolutionary.

The blockchain is quite sensible and beneficial in many different ways. It is a distributed storage system, which means that individuals will be able to gain access to and use less expensive storage equipment. Because it will be nearly impossible for all computers running a network to go offline at the same time thanks to its distribution network, blockchain storage solutions will have higher uptime than traditional centralized storage systems.

The decentralization of the blockchain is another distinctive feature. The blockchain's broad feature of decentralization allows it to automatically verify and validate transactions without human input. This will also imply that there will be no transaction delays and no human errors.

Problems with Blockchain Technology

You'll be interested to learn that there are indeed two sides to anything in life; and this is true for blockchain technology as well. No matter how thrilling a technological advancement may appear, it always has advantages and disadvantages. Let's examine the blockchain's drawbacks in more detail.

One issue with the blockchain is that it leaves no space for error; after any data has been written into it, it stays permanent and difficult to modify or remove. Data cannot be deleted using this design principle, and editing is also constrained. As a result, when an issue is discovered, a whole new chain (hard fork) is frequently started because there is nothing that can be done to fix it.

Also keep in mind that very little human input is needed for the blockchain to function. Could this result in job loss for some?

Another issue that frequently arises is the ease with which storage in blockchain networks becomes a concern. First off, setting up a blockchain takes a lot of storage (really harddrives), and all these storages must have a high storage capacity because data is saved forever without the possibility of erasing or removing it. As a result, storage is quickly used, which could result in greater operating expenses for blockchain managers.

Another problem is that in order to access the blockchain, one needs use private keys, which are particular sets of keys that have been created on the blockchain specifically for a given person. At finest, these keys are difficult to spoof, but at worst, they are difficult to recover and occasionally impossible. This implies that when a person or organization misplaces their keys, they are completely out of luck. What an unsettling idea!

The fact that the majority of blockchains still use an ineffective system for confirming transactions, such as proof of work (mining), is also troubling. Some environmentalists believe that blockchain technology may not be safe for our environment because it demands significant energy expenditures to operate such consensus mechanism.

Final Words

Due to the fact that blockchain technology is still in its infancy, we can pardon it for having numerous faults and some incorrect implementations. However, this technology has so many unrealized potentials that its advantages and uses surpass its drawbacks.

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43 comments
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The technology will get better in the future but I do think the ledger could expand way too much. The storage to do so will be tough and trying to make sure you can get the data you need might be tough.

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There is always two sides to an application.
Blockchain happens to inherit both causing even my comment will be forever locked into Hive blockchain till the end.

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I think, when they say the internet never forgets, they were referring to the Blockchain

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I agree with you there are two sides to the coin and every thing that has an advantage also have a disadvantage so let's prepare for the two

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These are certainly things to keep in mind. As well, I think the permanence of the chain is a benefit as well as a drawback. I’ve self censored often keeping that in mind. It’s both good and bad!

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Yea. It's just hard to develop a perfect system. One advantage when seen from a different perspective could be a disadvantage

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At the end of the day, there will always be trade offs. The blockchain takes away jobs but a healthy crypto market actually offers a variety of ways to earn.

At the end of the day, humans will always evolve and find ways to create value in the process.

Anyway, there's also the marginal carbon footprint that PoW chains contribute to global warming

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You've spoken well.

But I'm still wondering when the crypto market will become healthy!

Could this ever be?

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With so many institution coming into it, I think a time a will come when the degen mentality will be replaced with mature investors in actual projects with value.

To put it differently, crypto will be healthy when the top 10 doesn't have useless assets like Dogecoin.

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You're now throwing shades at Elon 😅

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Yes some people job will be taken away and technology will take over so many transactions thus are some of the disadvantage that comes with technology advancement and we need to prepare for it,with time robotics company will also take over humans activities and this will also cost some people their jobs so we move with the technology

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You have talked about multiple problems in blockchain and it's obviously true. The privte key issue is major issue as well so saving private keys in multipe devices would be a better option because here you can't access the wallet if you lost your wallet phrase or key

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Private keys are a real issue. Something can be done shall. I'll create a #HLIB content soon on how to recover a lost account. Though, you may still need a key too.

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Saving keys on multiple device could also be a problem my own suggestion is that look for a save bank to save your keys and you can access it at anytime you want,smile funny

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It sets me thinking... is the blockchain capacity size infinite? Will Hive be around in 500 years?

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Definitely not infinite. These are the same harddrives and SSDs used in running traditional databases over the internet. The major uniqueness is in its implementation, the software.

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I agree with you brother, Blockchain technology has its disadvantages and advantages and I think this technology can revolutionize and I think that in Blockchain technology it is impossible to modify the data and if it is not so let me know brother to read a little.

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Okay. Data modification can be done to a degree. But not 100%.

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Very entertaining and I learned quite a bit! I never explicitly thought about all of the possible downsides blockchain and decentralization may have, but it wakes me up to the issues that such an early system must work on to continue a full life cycle.

Forgetting your password would be a nightmare! Luckily I have everything saved in multiple places, but it still scares me that I could lose an account worth thousands if not hundreds of thousands of dollars for some. I mean all it takes is a spontaneous dead drive and your password manager may be gone. poof Or even dropping your phone in a lake.. Of course we have cloud services for instant access but some of us do not subscribe to that. Still a scary thought

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Honestly mate! It's quite scary. Like nothing can be done. A lost account is lost forever, this is likely the most unsettling.

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As a crypto enthusiast, I find this article super useful.
The Blockchain is an upgrade to the traditional Database, Spreadsheet and CRM dominated by Microsoft, a soon to be dinosaur.

Join the revolution

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Yea. The idea of its decentralisation sells it more and sets it apart from the bunch.

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The world's barely touched mass adoption... the technology will keep growing and early adopters of the technologies that dominate in the long run will gain the most

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I believe very one will get use to the system as time goes on and also shearing information about blockchain will also help even the new users to get updated,very nice write up

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this technology has so many unrealized potentials

That's the biggest positive to take, there is so much more that can be done with the technology, just needs someone (way smarter than me) to discover that potential, and then figure out how to implement it.

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Nice one. Thanks for highlighting that.

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I think ant technology has its advantages and disadvantages. The blockchain is relatively new. I am sure it will continue to evolve in the future.

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I consider some of these faults as benefits actually, for instance the fact that private keys may be impossible to recover, but sure, there is a long way to go and a lot of progress to be made. Interesting times!

Thanks for the nice write-up.

!LUV

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(Edited)

Thanks a lot mate for your inputs.

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The decentralized nature of the blockchain undoubtedly offers many advantages in terms of data storage and security, while allowing transactions to be validated and verified without errors or human bias, that is completely true. As for the rest, the truth is that I think that, despite having flaws, blockchain technology offers many more advantages than problems and that it has a great future ahead of it.

By the way, some things about blockchain technology can be viewed both positively and negatively, depending on the case, for example, the fact that the information that is written and stored in the blockchain is indelible; it is negative if we want to delete something permanent, but it is positive for activities where a permanent and immutable record is necessary and desirable. Hence, this feature of the blockchain is necessary not only from the point of view of data and transaction validation and verification, but also for the potential development of thousands (perhaps millions) of future applications.

I agree with you in everything you say in this article. Thanks for sharing. Greetings.

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Thanks a lot for your points, they can't be faulted. The pros can become cons and the cons pros depending on who's looking at it.

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Blockchain Technology is still in its infancy, I think some of these problems you've mentioned may be solved in years to come.

!1UP

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Storage: Some kind of folding algorithm could solve this (close/archive reasonably old transactions and start after them)

Keys: It's only a problem right now, as users are kinda stupid/lazy. Once we manage to teach them responsibility and techniques to use, we are done.

Energy: This argument is debunked more and more times. Mining uses waaaay less energy than other major industries, including traditional finances.

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