SIZ Education | Advantages and Disadvantages of Blockchain Technology | 20% to @siz-official

Blockchain technology has been around since 2008 when it was created by the anonymous person known as Satoshi Nakamoto. The system of blockchain uses cryptography and timestamps to record information in what is called a 'block', which is connected to other blocks forming a chain, hence the term 'blockchain'. This makes it nearly impossible to alter information within the blockchain, as it must be done by every computer in the chain. This makes it incredibly secure and safe for keeping records or storing data.

Blockchain technology has become more widespread since bitcoin was proposed as a cryptocurrency in 2008, but there are other uses for this technology that can benefit us worldwide. For example, blockchain technology can be used to protect the transfer of information of contracts, health records, voting results and more. In addition, blockchain technology is already being implemented by many companies as a way to streamline their business practices.

In conclusion, blockchain technology has been around for nearly 10 years now and has only just begun to pick up steam due to its integration with cryptocurrencies.

Advantages of blockchain technology

Blockchain, when used properly, can be a very secure way to keep data or transfer information. It can be especially beneficial to businesses who wish to streamline their business practices and protect themselves against fraud in transactions between clients and employees.

Blockchain is also useful for keeping records of transactions, which can be beneficial for companies or individuals who wish to keep track of their spending or assets.

Finally, blockchain technology provides an additional layer of security on the internet because it is decentralized, meaning that there is no one person controlling the data held within it.

Disadvantages of blockchain

One of the biggest disadvantages of blockchain technology is that it can be difficult for an individual user to understand how it works or what benefits are conferred.

While many companies have begun to integrate blockchain into their business setups, few individuals are able to do so without hiring someone else to help them set up a secure block, which can be very expensive.

Another major disadvantage of blockchain is that it requires an incredible amount of computing power to keep the system running. While this can be beneficial for companies who wish to keep their data secure, it also means that if a company does not meet the hardware requirements, they cannot use the technology.