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.