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Blockchain .. Between the advantages and disadvantages

2019-04-10 01:06 pm | Resource: Crypto Section | No Views : 346

Blockchain .. Between the advantages and disadvantages Blockchain .. Technology has become widely known in many countries and among investors, but what are the advantages and disadvantages of this technology.
Block chain was initially associated with the emerging financial system known as digital currency. It is the technology that many digital currencies rely on, but with the development of this new technology, it has been able to fall under many different systems. It is found in trade, industry, health care , And in many things.
Of course Block chain technology like any technology has advantages and disadvantages are clear, in today's topic we touch on these features and defects and explain easier, to be aware of the reader with some of their information.
China is the largest country trying to study and apply this technology worldwide, followed by the United States of America, which indicates the great importance of this industry, its great value in the completion of several projects on various systems.

Blockchain technology

Blockchain technology
Quite simply this technique is a digital book. This book can record any transaction on it, not just a financial transaction, but any transaction on the globe that is not fraudulent or tampering, and its database is distributed, These data are verified, as they are of course decentralized, but hosted by millions of computers simultaneously.

Features of Block chain

Features of Block chain
To talk about Block Chain features, these features are divided into different sections, and we explain each of these sections.

Distributed

The network, as we have said before, is distributed, meaning that there are thousands or even millions of computers hosting this data, protecting it from malicious malicious attacks such as hacking.
Data on this network appear in the form of distributed network nodes, each network nodes are able to copy and store a copy of the database on the network, but is not able to modify, just copy and store, this increases the strength of this technology, as there is no single point Indicates the failure in this matter, of course if the connection is disconnected from one device, which is in the node one, it will not affect the safety of the rest of the network.
The currently used databases are only one or a few servers, and therefore vulnerable to hacking or modification. These data are large in the traditional case.

There is no broker

Existing conventional systems require an intermediary such as a bank, a financial company or even a payment service provider to complete a transaction between two parties, but blockchain technology is unimportant because the network is broken down and the transactions are validated through so-called mining. Reduce total costs, and provide many transaction fees that are very large in the case of an intermediary or a third party.

stable

It is also possible to store financial records or any kind of records that you wish to keep without modifying them. Network, this will be clear and straightforward in front of all participants in the network.
The emerging "block chain" technology is a secure, unobtrusive security for all the data on it, and it is difficult to penetrate or hide some of the data previously recorded.

Defects of Blockchain technology

Defects of Blockchain technology
Like anything in this life has advantages, of course it will be flawed, and the feature we have referred to in the past may be an advantage and a disadvantage at the same time, but we do not anticipate things, and below we address the most important disadvantages of this technology.

Difficulty editing data

Of course, data on the Blockchain network is difficult to modify, so it will be difficult for any company to modify any emergency data that has been recorded on Blockchain. To do so, it is very difficult. Of the types of division so that one string is abandoned and replaced with a new one, but this process is not useful every time you want to modify the data you need to this difficult process.

51% Attacks

This problem appears more on the side of the digital currency market. It is one of the most common attacks on these currencies. It means attack if an entity manages more than 50% of the network's ability to defragment, which will disrupt the network and unintentionally exclude transactions.
So far we have not seen any type of attack 51% successful on the digital currencies, but over time we may see successes of this type of malicious attacks.

Private keys

When talking about the keys to the property in this network, we find that there are two types, the first is the public key which is with users of the data in general and can share this key, while there is a private key and this should be confidential, but the problem that if the loss of this private key means loss The data recorded on this network, and to this moment there is no alternative to this private key in case of loss for any reason.

Difficulty of storage

Blockchain storage on the Blockchain network is somewhat difficult. As time passes and technology progresses, this storage will become more difficult. For example, Block chain Bitcoin requires 200 gigabytes of storage. This may be a bit difficult with existing hard disks. Any nodes of the network would be difficult for other individuals on the same network to load this huge capacity.

Conclusion

Conclusion
Block Chain technology continues to have some sort of fixation in various industries. There is no country in the world that has studied this technology or applied it in any field, but has confirmed its success in this experiment, and therefore it would be very promising for this technology.
Blockchain technology is still developing itself to gain access to good regulation and market dominance. Despite many news that technology is being applied in many areas, a large group in the world still does not know much about the technology, And specifically in the continent of Africa is far from the application of this technology, which is trying hard to reach many areas around the world.
Blockchain technology is the natural evolution of the Internet, as many experts have emphasized. But we have a technology that is still in a nascent stage that requires it to work intensively to try to find solutions to the obvious flaws that it controls. In the next few sessions we will talk about the most important uses of this technology.

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