The famous blockchain technology was first evolved in 2008 and was executed officially in 2009. Its abundant usage has been seen in the cryptocurrency world and bitcoin is the first such cryptocurrency that was witnessed being implemented in this technology. Its utilization has brought a paradigm convenience in the ways how our systems had worked for all this time. The positive outcomes that this technology has opened so many avenues for it to be used in other fields as well. Nonetheless, technology has got some vices and virtues attached to it. Visit the https://bitcoinaussiesystems.com/ for more information on bitcoin trading
Below I am going to impart brief details and a lucid overview of the advantages as well as the disadvantages of this respective innovation.
First Of All, We Will Look Into The Advantages
- To impart a high level of security, in blockchain technology once a transaction or an exchange has been added inside a block, it does not leave any space for any editions to be made. This shows that there is a very planned security that is provided to all the exchanges that have been added to the chain. The parties that are in the process of transacting with one another are provided specific keys for that respect and are exclusively related to them. Hence no third-party infringement can be found on the network.
- Coming to the next advantage, this technology offers traceability to the transaction that has taken place. If there is any kind of issue found it can be rectified and also at any stage one can locate the problems that are coming. But the audit that has once been made cannot be again audited, making the process irreversible.
- Coming to the next merit, as we have witnessed that our old banking system takes a lot of time for processing the exchanges be it the domestic ones or the international ones. There is a huge time frame that causes inconvenience to the people. Hence time is one problem that has been solved by this technology via processing transactions in the blink of an eye.
Coming to Disadvantages
- The very spoken disadvantage that all people probably hear is energy consumption. The working mechanism behind this technology is very expensive and also very costly for any trader. There are certain rankings as well that show that its consumption is equivalent to some countries’ annual consumption.
- Then the forthcoming demerit is the charges attached to the transactions. Talking about Bitcoin’s transaction cost which is between 100 to 150 dollars which are accrued through electricity. Also as per reports, the problem cannot be removed because of the predetermined rules.
- Then the last demerit that we will talk about is the governance of this technology. This technology shares only an autonomous status and there is no outside governance. Hence its non-regulation has led many countries to not accept it and rather ban its usage, especially for the cryptocurrency sphere. Hence this is one more reason that is hindering its usage.
The Bottom Line
The present topic talks about the very famous aspect of the cryptocurrency era which is blockchain innovation. The innovation is used by various countries for various purposes but some are not that amicable with it and banning its usage. Every aspect that has an existence, attracts some good points and the bad with it. This article has imparted both of them. I assume this will give you all that you were looking for in this technology.