What are the advantages and disadvantages of blockchain? 

The advantages and disadvantages of blockchainA blockchain is a type of distributed ledger technology. It is a huge database formed by blocks,cryptographically linked to each other, containing information such as transactions. These blocks are addedfollowing vary depending on the context of use. For some projects, disadvantages may turn out to be advantages, and vice versa. Here is a detailed list of the main advantages and disadvantages of blockchain: 

 
Key benefits:   

• Decentralization: With no central control authority, data is stored on a distributed network of computers known as “nodes”. Each nodeIn a blockchain network such as Bitcoin, a node is a computer that stores the entire ledger (all transactionssince the creation of a crypto asset) and transfers users requests to represents a participant in the blockchain. Each node holds a copy of the database (the blockchain). So, when a node fails, the network and its operation remain unaffected. It is resistant to censorship, manipulation and attack.  
• Enhanced security: Cryptography secures the information stored on the blockchain. The use of cryptographic hashFootprint to identify initial data (sometimes unknown) by comparing it to other footprints. In cryptography, afootprint is the result of the application of an encryption software to a given message. functions to create the blockchain ensures the immutability of the chain and the data on it. ConsensusTruth admitted by all system participants. This doesn’t imply that it is the absolute truth or that it’sindisputable, it is the truth participants agree on. In crypto, algorithms beginning with mechanisms make data modification virtually impossible.  
• Transparency: All transactions are recorded and visible to all users. 
• Traceability: all data is stored, organized chronologically and linked by cryptographic evidence.  
• Speed and efficiency: fewer intermediaries, instantaneity and automation make transactions faster and less costly than in a traditional centralized process. 

The disadvantages:  

• Complexity: blockchain technology can be difficult to understand for widespread adoption.  
• Immutability: once data has been added to the blockchain, it is very difficult to modify. This can be an advantage for some uses, but is not always suitable for others. 
• The private keyOne of the two components of a crypto wallet, it gives the digital assets’ ownership and must stay
  confidential. issue: Every user needs a private key to access ownership of their crypto-currencies (crypto-assets or digital assets). If the user loses his or her private key, there is no procedure for recovering it, unlike a conventional password, which is easily recoverable. Access to funds is therefore lost. 
• High initial investment: Because of its complexity and innovative nature, blockchain technology is facing a shortage of specialized software engineers. This scarcity of talent leads to high costs in both the development and maintenance of blockchain-based applications. 
• Energy costs: Some blockchains require a great deal of computing power, which means they consume a lot of energy. 
• Storage: The data stored by blockchains has been growing ever larger since their inception. This growth poses a challenge, as it makes it difficult for individuals to download or store this data. As a result, some network participants, known as “nodes”, can be lost. These nodes are actually every connected computer or device that plays a crucial role in validating and storing transactions on the blockchain. When individuals can no longer store and participate, this has repercussions on the overall robustness and security of the blockchain. 

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