Blockchain has the potential to transform many industries, not just finance. It can be applied to any transaction that happens over the internet, which includes money transfers, international payments, remittances, and more
What are the disadvantages of blockchain over cryptos?
The disadvantages of blockchain over cryptos are a lot more straightforward than the advantages, and they are:
Scalability - Blockchains can only process so many transactions per second, which means that as the network grows, transaction speeds slow down.
Blockchain is a decentralized digital ledger that records transactions. It is used to verify and secure transactions, with no need for a third party.
Blockchain technology has the potential to reduce risk in supply chains by providing an auditable chain of custody for goods as they are moved from one place to another.
Blockchain is a technology that is often associated with cryptocurrencies. It has applications in many other fields as well.
Security - Blockchain is secure because it uses cryptography to protect data from being altered or hacked, but there have been instances where hackers have successfully breached blockchain networks and stolen funds from them.
Cost - The cost of transactions on blockchains is usually much higher than those on other payment networks such as Visa or Mastercard.