FinanceNews

Pros and Cons of Blockchain Development Technology

Posted

Blockchain technology has come a long way since its introduction in 1991. This decentralized, distributed ledger technology is gaining strong momentum globally and is showing no signs of slowing down. In fact, many tech enthusiasts firmly believe that Blockchain technology has ushered in the next digital revolution. The first real-world application of Blockchain was introduced in 2008 by Satoshi Nakamoto in the form of cryptocurrency (Bitcoin – BTC).

Since then tech innovators are realizing the unmatched potential of this disruptive technology across verticals. From healthcare, finance, and supply chain to manufacturing, advertising, and government, businesses across verticals are looking for ways to embrace this emerging technology and integrate it into their infrastructures. Before you jump on the bandwagon and opt for Blockchain development services, it’s wise to weigh the pros and cons of Blockchain development. Before we dig deeper into the pros and cons, let’s understand what exactly Blockchain technology is.

What is Blockchain Technology?

As stated above, Blockchain is a disruptive technology that not only records and stores the ownership of decentralized digital assets (ledger) but also promotes transparency, data integrity, and distributed nature. In other words, Blockchain technology stores data in blocks and links them together in a chain through cryptographic proofs. The best part of using Blockchain technology is that the data stored in the blocks are in chronological sequence and can’t be modified or deleted without consensus from the network, making the network immutable, decentralized, and transparent. It won’t be an exaggeration to say that Blockchain technology has brought a paradigm shift in several industries by providing enhanced security in trustless environments. On the other hand, it has received flak for its decentralized nature. Read on to this informative piece to better understand this emerging technology.

Pros of Blockchain Development Technology

1. Better Transparency and Immutability

Unlike a traditional database wherein all the data is verified by the centralized authority, all transactions in a Blockchain network are recorded in a public ledger, which simply means that any member in the network can view and verify data stored and recorded into the Blockchain. This brings better transparency across the Blockchain network. Furthermore, all transactions on Blockchain are time- and date-stamped. This eliminates the possibilities of fraud since all the nodes in the Blockchain network share the same documentation and that shared version can be updated only through consensus, which means every member in the network must agree on it. In other words, a single transaction record in the network can’t be modified or deleted as this would require the alteration of all subsequent records. Lastly, the immutability of Blockchain technology makes it immune to corruption done by centralized authorities such as governments and banking institutions.

2. Easy Integration With Existing Systems

Blockchain development technology can be integrated seamlessly with existing systems in primarily two ways – 1) as an application platform 2) Blockchain-as-a-service (BaaS). In the former case, businesses need to invest in the application platform development to use the decentralized technology, while for the latter, businesses can connect directly with Blockchain networks through Blockchain-as-a-service (BaaS). Blockchain-as-a-service (BaaS) is ideal for enterprises both large and small alike since it provides better control.

3. Low Operational Cost

Blockchain development technology lowers the overhead costs by eliminating the need for centralized servers or middlemen to run the operations. Since all the transactions take place directly over a Blockchain network, there is no need to pay any banking or payment processing costs. Not to mention, the Blockchain network is encrypted and secured against identity theft than traditional payment systems.

4. Easy Traceability

Each transaction on a Blockchain network is stored in a distributed database, which in turn, creates an irreversible audit trail and provides a traceable record of transactions. On the other hand, a traditional database is neither immutable nor transparent, therefore it becomes time-consuming to find and rectify the problem if there is any.

Cons of Blockchain Development Technology

1. Scalability

One of the key challenges associated with Blockchain development technology is that it can handle only a few transactions per second and cause delays when processing transactions on a large scale. The reason behind this is the fixed size of the blocks that store and record information. Each block is 1 MB in size owing to this it can hold only fewer transactions resulting in poor scalability.

2. Transaction Delays

Another significant challenge of using Blockchain development technology is that it requires miners to solve computational puzzles to register transactions and miners end up taking a long time, typically a couple of hours, which is significantly higher than traditional payment methods.

3. Regulation Issues

Modern money is managed and regulated by the central government in many countries. Blockchain technology poses a challenge to Bitcoin and other cryptocurrencies acceptance by the central government owing to their decentralized nature.

Summing Up

Despite some drawbacks, Blockchain technology seems quite promising since it offers a host of benefits and has the potential to disrupt businesses across verticals. If you are also planning to embrace this disruptive technology, you should consider partnering with a reliable Blockchain development company having rich expertise and experience in developing bespoke Blockchain solutions tailored to unique business requirements.

Share this

17 thoughts on “Pros and Cons of Blockchain Development Technology

  1. A MUST READ FOR ANYONE WHO HAS EVER FALLEN FOR CRYPTO SCAM BEFORE!!!

    My $1.65 million dolllars was stolen by a phoney wallet that refused to let me withdraw it. Their moniker was Coinbox/vip. When I launch the browser on my phone, the platforms page opens with the Coinbase logo. The legal description of their dapp wallet mentions Coinbase, and the help centre button links to Coinbase help. However, when I contacted Coinbase, they responded via email that they are not affiliated with Coinbox. Coinbox has now informed me that I must pay a 185k tax before receiving my funds. I immediately opened a case with Owlet tech recovery . com, a guaranteed recovery company, they patched me through MR MORRIS GRAY their smart contract developers on Whatsapp with [+1 (607) 698 0239 ] who then immediately performed a smart contract audit using digital triangulation from outsourced wallets. I’m crying right now as I just received a deposit of 127.4 Btc in my trust wallet. I’m now waiting for the Ethereum gas fee to come through so I can detach the remaining from outsourced wallets. his Email is: Morrisgray 830 @ gmail . com….

  2. RECOVERY OF STOLEN BITCOIN RECOVERY OF LOST MONEY TO SCAMMER LEGIT RECOVERY EXPERT,
    MR MORRIS GRAY IS A Certified and Trusted Recovery Agent
    Y’all email MorrisGray830 @ Gmail dot com
    Or WhatsApp: +1 (607) 698-0239,
    After loosing $194,000 USD Worth of Ethereum to an unregulated trading platform ( ingoinvest . com ),
    while searching for help I saw so many testimonials and recommendations about Mr Morris Gray.
    So I sent him a dm, and also sent him all he needed for the recovery. After 72hours of him working with me.
    I was called by the bank confirming the payments in my account, its a very quick satisfaction on every successful withdrawal with him, you can reach him quickly on WhatsApp via : +1 (607) 698-0239.!!!

  3. GET RICH WITH BLANK ATM CARD, Whatsapp: +18033921735

    I want to testify about Dark Web blank atm cards which can withdraw money from any atm machines around the world. I was very poor before and have no job. I saw so many testimony about how Dark Web Cyber hackers send them the atm blank card and use it to collect money in any atm machine and become rich.{[email protected]} I email them also and they sent me the blank atm card. I have use it to get 500,000 dollars. withdraw the maximum of 5,000 USD daily. Dark Web is giving out the card just to help the poor. Hack and take money directly from any atm machine vault with the use of atm programmed card which runs in automatic mode.

    You can also contact them for the service below

    * Western Union/MoneyGram Transfer

    * Bank Transfer

    * PayPal / Skrill Transfer

    * Crypto Mining

    * CashApp Transfer

    * Bitcoin Loans

    * Recover Stolen/Missing Crypto/Funds/Assets

    Email: [email protected]

    Text & Call or WhatsApp: +18033921735

    Website: https://darkwebonlinehackers.com

  4. Recording success in Cryptocurrency, Bitcoin is not just buying and holding till when bitcoin sky-rocks, this has been longed abolished by intelligent traders ,mostly now that bitcoin bull is still controlling the market after successfully defended the $20,000 support level once again ad this is likely to trigger a possible move towards $40,000 resistance area However , it’s is best advice you find a working strategy by hub/daily signals that works well in other to accumulate and grow a very strong portfolio ahead. I have been trading with Mr Bernie doran daily signals and strategy, on his platform, and his guidance makes trading less stressful and more profit despite the recent fluctuations. I was able to easily increase my portfolio in just 3weeks of trading with his daily signals, growing my 0.9 BTC to 2.9BTC. Mr Bernie’s daily signals are very accurate and yields a great positive return on investment. I really enjoy trading with him and I’m still trading with him, He is available to give assistance to anyone who love crypto trading and beginners in bitcoin investment , I would suggest you contact him on WhatsApp : + 1424(285)-0682 or Telegram : bernie_fx for inquiries , bitcoin is taking over the world

  5. With so much in my heart I am here to express myself on how Priest Salami saved my marriage from divorce. Myself and my husband were having some misunderstanding and it was tearing our marriage apart to the extent my husband was seeking a divorce. So I have no option other than to go to the internet to seek a solution to my problem. It was there I came across Priest Salami details and about how he has helped a lot of people by restoring their relationship. I contacted Priest Salami and in less than 48 hours my husband cancelled the divorce papers. Now myself and my husband live together in peace and harmony all thanks to Priest Salami for saving my marriage from breaking up. Priest Salami contact information are via email: [email protected]. Whatsapp number: +2348143757229

  6. I lost my Job few months ago,my wife left me ,could not get income for my family, things was so tough and I couldn’t get anything for my children, not until a met a recommendation on a page writing how Mr Bernie Wilfred helped a lady in getting a huge amount of profit every 6 working days on trading with his management on the cryptocurrency Market, to be honest I never believe it but I took the risk to take a loan of $2000. and I contacted him unbelievable and I was so happy I earn $22,500 in 6 working days, the most joy is that I can now take care of my family I don’t know how to appreciate your good work Mr. Bernie Doran God will continue to bless you for being a life saver I have no way to appreciate you than to tell people about your good trade management system. 
For a perfect investment and good strategies contact Mr Bernie Doran via WhatsApp :+1(424)285-0682 or Telegram : @Bernie_fx or Gmail : [email protected]

  7. ‘’I need back my money’’.. ‘’ I need my family back’’ that was the only thought I had for months and thanks to Amanda , I got back my family and my money .. I was depressed for months as my husband and 5year old left me to go live with his mum cos I used all our savings to invest in crypto investment company, took a loan and sold my car too in a bid to pay the withdrawal fees I was desperate very desperate and I nearly lost everything but thanks to Mrs Amanda , She recovered my $365k from those heartless scammers .. it’s a long story but at the end I was happy , I am forever grateful to her.. This has made me cross paths with her through a review here and am writing this review here in hope that it will help someone out there. If you’ve been in a similar situation please reach out to Amanda, She is very competent and reliable . The contact details are as follows , email: Amandaeverbrant01 on Gmail or  whatsapp +1 (562) 543‑3882

  8. Do you need a loan?
    Do you need any financial help?
    Does your firm, company, or industry need financial assistance?
    Do you need finance to start your own business?
    Do you need finance to expand your business?
    Do you need a personal loan?

    Contact our customer assistants for more information. E- mail : [email protected] , or
    via Text at ( +1 ‪(323) 400-5676 )

  9. I lost a lot of money a month ago when I saw the opportunity to invest in cryptocurrency and this is why I suggest to everyone out there to seek more knowledge before investing in cryptocurrency as there are people out there who seize this opportunity to defraud victims of their hard-earned money through cryptocurrency investment. I was lucky enough to do my research and found out I have been coined of $892,000 worth of Bitcoin & Ethereum after falling victim but it was not long after I discovered the services of SPYWEB CYBER TEAM, who took some information from me to investigate and recover all the money that I lost in this scam. I’m truly grateful for the service of SPYWEB CYBER, the best cryptocurrency recovery team out there. If you need the services of SPYWEB CYBER TEAM to help you recover your cryptocurrency without any delay, you should contact them at one of the Email addresses listed below.

    CONTACT INFO: [email protected] . COM
    [email protected] . TECH

  10. This is a very joyful day of my life because of the help PRIEST Salami has rendered to me by helping me get my ex-husband back with his magic and love spell. I was married for 6 years and it was so terrible because my husband was really cheating on me and was seeking a divorce but when I came across PRIEST Salami email on the internet on how he helped so many people to get their ex back and help to fix relationships. and make people happy in their relationship. I explained my situation to him and then sought his help but to my greatest surprise, he told me that he will help me with my case and here I am now celebrating because my Husband has changed totally for good. He always wants to be by me and can not do anything without my presence. I am really enjoying my marriage, what a great celebration. I will keep on testifying on the internet because PRIEST Salami is truly a real spell caster. DO YOU NEED HELP THEN CONTACT DOCTOR PRIEST Salami NOW VIA EMAIL: [email protected]. Whatsapp number: +2348143757229 He is the only answer to your problem and makes you feel happy in your relationship…

  11. Since my husband has been playing me for a fool, I made the decision to handle things on my own this time. With the aid of Wizard James Recovery Service, I was able to catch my husband texting all his girlfriends in secret using his Text Now account. I also had access to his cell phones and went through each one in turn. I’m really appreciative to Wizard James for their helpful hacking service. His personal email: [email protected]

  12. I recently completed an internship, and the paycheck was more than enough for me. Nevertheless, I prefer to invest in bitcoin so that I can keep my wealth safe and have access to it whenever I want without having to travel to the bank. Unknowingly, I registered with a shady investment firm while internet cruising and placed a sizable portion of my savings—roughly €157,430—with the firm. I waited for three weeks, but nothing materialized. All I could see was my bitcoin increasing in value everyday without having any access to it. I told a friend, and she suggested Wizard James to me. I responded to them and detailed the fraud I had experienced. When I told the Wizard Recovery agency that I had invested with the wrong firm, they were able to return all of my lost money without the con artists’ awareness. One more time, I want to thank Wizard James Recovery for their fantastic service. This is unquestionably a first-rate service, and I’ll spread the word about it to everyone. I’ve never received a better online service than this. I’m thrilled. Contact detail: [email protected]

  13. I wish to put this out here to everyone who ever intends to go into cryptocurrency investment with little knowledge of how it works, I would advise you to seek more information before you invest your money into crypto as I was a victim of cryptocurrency fraud where I lost $897,000 worth of Bitcoins, and if not for the intervention of Spyweb Cyber, a reputable cryptocurrency recovery company, I would have lost my money for good. I went into cryptocurrency investment with little knowledge about crypto and was coined by a group of scammers. I’m truly grateful to Spyweb Cyber for restoring my crypto and helping me recover my money. If you have to invest in cryptocurrency, please be care and seek more information, and if you’ve lost your money just like I did, I recommend you contact Spyweb Cyber to help you recover your money. E-MAIL: [email protected](.)COM & [email protected](.)TECH

  14. Hello everyone, I’m Julia Gates from South Carolina, USA, and a few weeks ago, I was swindled off $275,000 worth of Bitcoins and Ethereum by a cryptocurrency trader who promised me huge returns on my investment. I was not aware it was a scam until I tried to withdraw my profits and I was logged out asking to pay tax. I thought I had lost everything until I came across an article just like this about AstraWeb Team, a cryptocurrency recovery team who was able to recover stolen funds for many other people. I contacted AstraWeb the following day and to my surprise, I was able to recover my money in less than 72 hours. Their service is truly remarkable and I must commend them for getting my funds back from the hands of these scammers. Astraweb can be contacted via email.
    E-MAIL: [email protected](.)com

  15. Hey everyone I’m LINDA. A content manager at Sixdas. I’m fiery about marketing, writing and traveling but I decided to diversify into crypto, but due to my busy schedules, I lost hold of my login credentials. This made me lose so much money even trying to recover them, then I met Wizard. And they helped me. I was able to start trading crypto again.
    I will always recommend them
    EMAIL: ([email protected])
    WhatsApp- +1 (908) 768-4663

  16. ASTRAWEB CYBER SERVICE WAS ABLE TO RECOVER MY STOLEN BITCOINS.
    In the last month to six weeks, I had lost around $230,000 worth of Bitcoins to a fake forex trader, hoping I would earn huge from my investment. This was going on for 6 weeks until I ran out of funds, the forex trader wouldn’t allow me to withdraw my profits or my initial investment. Luckily for me, my friend told me about Cryptocurrency scans and the services of AstraWeb, who I contacted immediately to help me retrieve my stolen coins. It took AstraWeb 72 hours to get my funds back and I’m grateful for their service. They are truly an amazing company with ethical standards and professionalism. You can trust them to help you recover your funds.

    E-Mail: [email protected]. COM

    Thank you for your time.

  17. HACK ANGEL IS THE BEST CRYPTO RECOVERY EXPERT YOU WILL EVER MEET. CONTACT HIM NOW

    Natasha Ocean is my official name. I am a single mother of two children. I was duped by a guy I met on social media who convinced me that he could help me invest well and earn profit in a short period of time that could get me a house, so I entrusted all my savings into the trading stock platform, only to find out after 5 months that the site had shut down and the guy was nowhere to be found, he scammed me, I was on the verge of committing suicide and leaving my two children when I read an article about HACK ANGEL, Crypto recovery expert and reached out to them, with their service i got back all my lost bitcoins within 72hours all thanks to HACK ANGEL and his team,
    Email: [email protected]
    WhatsAp: +1,2,0,3,3,0,9,3,3,5,9
    Web: https://hackangel4.wixsite.com/hackangel.

Leave a Reply