Drawbacks of Blockchain. Blockchain technology has disrupted a number of industries and has the potential to affect the future of automation, robotics, machine learning, and many other fields. However, in the realm of blockchains, all is not well. It has limitations, much like any other technology.
Drawbacks of Blockchain
Limitation on Transactions per Second is one of the blockchain’s drawbacks.
The speed at which blockchain can move is limited because it relies on a wider network to authorise transactions. Bitcoin, for example, can only handle 4.6 transactions per second compared to 1,700 transactions per second for Visa. Furthermore, transactions grows volume of & network speed arise may concerns. Scalability of blockchain will be difficult until this improves.
Costs of Energy are Expensive
It costs substantially more electricity to have all of the nodes validate transactions than it does to have a single database or spreadsheet. This blockchain cost not only raises transactions, but it also adds carbon footprint.
As a result of leaders industry blockchain are starting Abaddon technology, such as Bitcoin: Elon Musk (Tesla Owner), for example, He announced, that bitcoin will no longer accepted by us.
Illegal Possibility Activity
The decentralization bitcoin digital currencies of blockchain gives additional confidentiality, which makes it tempting to criminals.