Ever since the emergence of Blockchain Technology, all we heard about it is how to adopt it as fast as possible and include it in our daily transactions. But this article is about the other side of the coin. Let us have a look at Why Not To Go For Blockchain? What are the cons of this technology? And why we cannot rely solely on the blockchain.
A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree). (Definition By Wikipedia.com)
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Cons Of Blockchain Technology
The brief definition given above is for the beginners who know nothing about this in-trend technology. There are a number of articles being written on the pros of blockchain technology. But this is something unique that gives us a point to ponder, a few warnings and precautions to be taken if we are to adopt Blockchain as a mode of living.
Erases Physical Existence:
One of the core purposes of blockchain is to erase Paperwork, Banks, 3rd party humans etc. Imagine if that really happens, if all our transactions, contracts, business ledgers money payments get served online. We will have nothing at hand. No physical existence or record of anything. And we know that the internet is just a virtual reality where nothing is 100% safe. Although blockchain claims to be 100% hackproof. But what about viruses and system corruption. What if an error occurs and all we have earned all life just gets erased. Isn’t that a nightmare? to have no physical, real-life proof of the existence of any matter you own. So, when going for Blockchain you better keep up with keeping a physical record of all your matters.
Creators of Blockchain claim it to be hackproof as they say that the process required to hack it requires inhumane effort, pro-efficient hacking skills and a lot of resources. The sole purpose of blockchain was to monitor and safeguard transactions involving Cryptocurrencies. And it is mostly used in that regard. But unfortunately, it has been reported that only in June 2018 $1.1 Billion had been stolen from the user’s crypto wallets by hackers.
Moreover, A study conducted by PwC reported that 45% of respondents claimed “trust” as the foremost reason for not adopting Blockchain Technology. Isn’t that alarming?
Blockchain technology offers foolproof voting. Through which fair elections may be conducted at last. It sure sounds like a eutopia which the authorities will never let it be. Elections getting involved in this technology means states and super-powers being dragged into thinking of something to counter the blockchain. After all, they cannot let their master plans go in vain at the hands of this technology.
Thus, it will attract states with limitless resources to invent a counter-blockchain technology through which they can make fool of the people and trick them into the same democracy we have been living ever since. Where we get to vote and they get to choose.
Blockchain sure is a revolution, but not too sure that where it will lead us to. Not adopting this technology will prove to be a very bad idea as we will be left far behind the world. But adopting it will simply drag us into the same trap everybody else is to fall in one day.
Thus, the best we can do is to embrace it wisely. Get control of it but not letting it be the very thing we rely upon. Use it as an additional safeguard, not as the only security measure.