What Challenges that Blockchain Technology Faces

in blockchain •  2 months ago 

Blockchain technology has gained much attention for its role in many industry like finance, marketing, fixed assets and so on. But the challenges also exists, mainly in 4 aspects:

  1. The unchangeable features. Unchangeableness is the great part of blockchain technology, but it also causes permanent loss if you transfer to the wrong account or lose your key.

  2. The feature of transparency. Anyone in the chain can see the transaction history, which may cause data security and privacy problem.

  3. The efficiency problem. As the transaction increased, the data storage would be bloated and the time the node needs to store the transaction data will get longer, so the efficiency of data procession would decrease in terms of throughput.
    The legislative and regulatory challenges.

  4. The decentralized and autonomous feature of blockchain may conflict with other rights recognized by politicians, governments and/or regulators. The development of blockchain and its application in future business will encounter certain obstacles before a sound regulatory system comes out.

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