Sign Up

Captcha Click on image to update the captcha.

Have an account? Sign In Now

Sign In

Forgot Password?

Don't have account, Sign Up Here

Forgot Password

Lost your password? Please enter your email address. You will receive a link and will create a new password via email.

Have an account? Sign In Now

You must login to ask a question.

Forgot Password?

Need An Account, Sign Up Here

You must login to add post.

Forgot Password?

Need An Account, Sign Up Here

Please briefly explain why you feel this question should be reported.

Please briefly explain why you feel this answer should be reported.

Please briefly explain why you feel this user should be reported.

Sign InSign Up

Find Authority

Find Authority Logo Find Authority Logo

Find Authority Navigation

  • Home

Mobile menu

Close
Ask a Question
  • Home
  • Recent Questions
  • Topics
  • Home
Home/Questions/Q 2103
Next
In Process
Andrew
  • 0
AndrewLevel 1
Asked: January 2, 20202020-01-02T00:44:02+00:00 2020-01-02T00:44:02+00:00In: Information Technology

What are the issues and problems of using blockchain technology?

  • 0

Blockchain has been a hot topic recently. Most industries have started using blockchain technology. It seems that blockchain will resolve all the modern world issues like it is a panacea.

Are there any problems with using blockchain technology?

Blockchain
  • 1 1 Answer
  • 0
Share
  • Facebook

    Leave an answer
    Cancel reply

    You must login to add an answer.

    Forgot Password?

    Need An Account, Sign Up Here

    1 Answer

    • Oldest
    1. blockchainspot Level 2
      2020-01-02T00:48:30+00:00Added an answer on January 2, 2020 at

      Well, blockchain is not some sci-fi fantasy or idea, but it is a technology. It has been proven that blockchain has the potential to revolutionise most of the industries, particularly banking and finance. 

      Despite the advantages, yes, there are still some issues that need to be sorted out.

      Data loss in blockchain

      The most important problem is that blockchains can lose data. It is not a common problem or frequently occurring issue. However, it has already happened to the Bitcoin blockchain. It usually occurs when multiple large groups in the computer network (the ones responsible for storing the information) disagree on the correct form of the blockchain.

      In such a situation the network forks, or splits. If the request is sent to two different nodes, where each one is on the opposite side of the split network, the result would be two separate account statements. The split can be caused in case of disconnection between the nodes. However, in that scenario, the issue would be resolved once the connection is reestablished.

      In the split situation, the network accepts the group with the highest computing power and will consider the results the most up-to-date. It implies that all transactions which are made on the smaller chain would be lost.

      Lack of confidentiality issue in the blockchain

      Blockchains cannot guarantee complete anonymity and full confidentiality. On the blockchain, all transactions require a sender address and a receiver address. These addresses are called pseudonyms, which consist of a long string of letters and numbers and look like this “18fjDFSD3.” The issue is that everyone can access details of transactions. So, in case of paying close attention, the patterns and details of the transactions can reveal the true identity of the users.

      This lack of confidentiality issue, particularly for processing sensitive data such as healthcare or financial information, can limit blockchain from becoming widely accepted unless the issue is addressed. 

       

      • 0
      • Reply
      • Share
        Share
        • Share on Facebook
        • Share on Twitter
        • Share on LinkedIn
        • Share on WhatsApp

    Sidebar

    Advanced Search
    Ask A Question

    Related Questions

    • Do I need technical skills to use a Video Production ...

    • Customer Login Using FME Extensions in Magento 2

    • E-Commerce Migration is Difficult. How to Make it Easy?

    • What is the impact of the pandemic on global LMS ...

    • How big is the global mobile middleware market?

    Explore

    • Home
    • Recent Questions
    • Topics

    Footer

    Find Authority

    Find Authority

    Find Authority is a professional networking and crowdsourcing platform which helps enhance members credentials and create opportunities.

    About Us

    • About Us
    • Careers
    • Contact Us

    Legal Stuff

    • Terms and Conditions
    • Privacy Policy
    • Cookie Policy

    Supprt

    • Help Centre
    • Badges

    Follow

    © 2020 Find Authority. All Rights Reserved

    Insert/edit link

    Enter the destination URL

    Or link to existing content

      No search term specified. Showing recent items. Search or use up and down arrow keys to select an item.