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Is Blockchain Almighty? Where technology needs improvement
- Blockchain has been said by its users to be a Holy Grail, citing the founder of Binance Almighty.
- It is undeniable that the blockchain has changed the landscape in a variety of sectors such as music, art, education, commerce and finance.
- However, technology is not infallible and needs to be improved energy consumption rates, problems of scaling and governing.
- Lack of regulation and inherent complexity are problems that blockchain technologies suffer from.
In every century, there is a technological advancement that catapults man years before his time. The discovery of fire, the invention of the wheel, steam engines and recently the internet have improved the lives of mankind.
When we thought it couldn’t get better, the blockchain came into the picture in 2008 by overturning the script for almost every aspect of human life.
Blockchain technology led to multiple cases of DApps, DeFi, DEX and usage, but the technology for all its innovations is far from perfect. Improvements in energy consumption, scale and governance will be good developments in technology.
Blockchain Almighty
After Satoshi Nakamoto invented the first blockchain in 2008, technology came out like a rocket to the moon. In technical terms, blockchain is an electronic book of transactions that are held together in “blocks” that are linked together using cryptography.
Each block has the cryptographic heart of the first block and is almost immutable except when using forks.
This technology is at the core of cryptocurrency, NFT, decentralized finance, and decentralized exchanges, among others.
Blockchains have expanded into the education system to store immutable records of grades and have seen their use in art and music. Through the benefits of the blockchain, artists can make money with their artwork and track any sales of their artwork in the future.
Blockchain promises much more, including its use for free and fair elections, as well as revolutionizing the world’s financial system as we know it.
Disadvantages of Blockchain
Perfection is almost impossible to achieve and if you invest more than $ 2 trillion in an ecosystem built on a blockchain, there is a lot to be desired. Critics of blockchain technology are rapidly consuming high rates of energy consumption. High power consumption is the result of the enormous computing power used to secure blockchain networks. only it uses more energy than Argentina and the use of fossil fuels raises environmental concerns.
Blockchain is a site built on architecture based on the lack of regulation of scams, market manipulations, hacks and Ponzi schemes. Already, cryptocurrency scams have cost investors more than $ 20 billion since the beginning.
Scale-to-scale blockchain is a key issue, as as the network grows, decentralized systems make it difficult to manage the number of transactions. This leads to a slower transaction speed and a stop paradox.
Twelve years after its launch, the blockchain remains a complex technology for the average person. A considerable amount of analysis needs to be done to understand the internal workings of the technology.
Flipside
- Critics of blockchain believe that blockchain solutions are worse than systems that try to replace them.
- The volatility of cryptocurrencies and the increasing use of money laundering and illegal transactions put a tent on technology
The solution
For the blockchain to take on the role of the omnipotent, it must be energy efficient. Blockchains should leave the High Energy-Intensity Work Evidence consensus model to achieve a greener Consensus Evidence of Participation.
Technology should always look inward to solve the problem of scalability that has been its thorn in the side.
Despite its decentralized nature, an appropriate governance mechanism needs to be established to regulate the ecosystem and the concept and interfaces need to be more user-friendly. IOTA, for example, is using an improved book accounting system.
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