With technological innovations happening at a jet speed, the evolution of Blockchain is revolutionary taking in account the speed at which the data is stored without any kind of human intervention and possibility of tampering to be minimal. Constant research is being carried out to understand the possible positives and negatives of the distributed ledger, which forms blocks of data for series of transactions in the cloud space.
Is it Complex?
- the underlying technology behind the cryptocurrency makes it sound to be a new verbatim and has taken the world with surprise and disbelief that something in the virtual network can store and maintain important data, wallet and much more sensitive topic
- this open source distributed ledger is accessible and has a huge space which is kind of unlimited, the nodes connect the stream of transactions which could be anything from a payment processing solution to a risk and compliance data storage management,
- the speed of transactions processed using this technology is high, however, the cost of each transaction is high making it an expensive deal for small enterprises to adopt
- this technology serves as a database and the quotient of trust remains ambiguous since there is no credible proof of how safe and how accurate the data stored in the blocks are due to the centralized database which is similar to the blockchain
- several flaws have been reported by Truly Coin noted and there is continuous monitoring required for the system to incorporate correct data, in case of too many nodes being used, the network starts behaving differently
- Implementation of this technology across all application is challenging, as there are several groups, which are for and against it, the growth of technology always comes with positive and negative implications, which have to be closely looked at and turn the positives for the benefit of the industry.