Is blockchain having problems now?

The server status information has just been updated. Check again What to do if the site is not available? Antivirus and firewall. Check that antivirus programs (McAfee, Kaspersky Antivirus, or an analogue) or a firewall installed on your computer do not block access to BLOCKCHAIN, COM. At least, the way it's used today, it does.

Blockchain relies on encryption to provide its security and establish consensus on a distributed network. This essentially means that, in order to “prove that a user has permission to write to the string, complex algorithms must be executed, which in turn require large amounts of computing power. Of course, this comes at a cost. Taking as an example the most well-known and widely used blockchain, bitcoin, last year it was stated that the computing power required to keep the network running consumes as much energy as that used by 159 of the world's nations.

Web, SEO & Social Networks by 123 Internet Group. The current blockchain architecture has high energy consumption and also has scaling problems. The main problem is that all transactions on the blockchain must basically be processed by everyone, and everyone must have a copy of the global ledger. As blockchain grows, more and more computing power and bandwidth are required, and there is the risk of centralization of decision-making and validation power on the blockchain, as only a few want to devote their efforts to keeping the blockchain running.

Is blockchain technology really the best for those who demand transparency? Both Proof of Identity and Proof of Stake methods can succumb to a 51 percent attack. We'll talk about the third method, Proof of Work, in a moment. For now, let's talk about how transparency can be counterproductive. When working in a commercial environment, total transparency is not ideal, as it allows participants to see what each member is doing in real time.

If you think transparency is the strength of the blockchain, wait until your medical records are stored in a blockchain-based medical facility. Blockchains require a lot of computing power, which in turn requires a lot of electricity and cooling power. Some have developed blockchains that can circulate videos, images, documents, tokens, and many forms of data. You can't scale your blockchain without depleting your resources, nor can you regulate it because there are no standard laws about it.

Once again, due to their complexity and their encrypted and distributed nature, blockchain transactions can take a while to process, no doubt compared to “traditional payment systems such as cash or debit cards”. Let's be honest: despite the huge interest in adopting blockchain technology from the established financial industry, the subtext behind much of what is being said about it is “it would probably be better if it disappeared quietly. Blockchain is said to offer a decentralized way of doing things while solving the problem of trust, making it very attractive to the platform economy. The goal of all that work is to secure the blockchain by making it more difficult and unfeasible for any criminal to validate fraudulent transactions, all at the expense of high electricity bills and huge amounts of energy consumption.

For example, if someone wants to access shared data within a dedicated blockchain, they only need to access one node on it. In addition, most public blockchains allow anyone to create and operate a node, making the blockchain a decentralized system. In theory, the principle extends to blockchain networks that are used for something other than a store of value, for example, recording transactions or interactions in a IoT environment. .

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