Disadvantages of Blockchain Technology | drawbacks of blockchain | demerits of Blockchain.

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Disadvantages of Blockchain Technology | drawbacks of blockchain | demerits of Blockchain.

Disadvantages of Blockchain Technology | drawbacks of blockchain | demerits of Blockchain.

What is Blockchain after all? It is well known to everyone that recently Bitcoin has been in the headlines for a long time. There has been a lot of hope among many people about bitcoin because the price of bitcoin is increasing day by day.

But do you want to know what technology was used behind Bitcoin? If yes, then you will definitely like our post Blockchain technology and what are its disadvantages. Because Bitcoin is directly related to Blockchain, so you have to know about Blockchain technology, and you also have to know how it works.

If you do not know, then let us tell you that blockchain technology is going to change our IT industry the way open-source software did its work a decade ago. And just as Linux has been becoming the core of modern application development for almost a decade, similarly Blockchain technology is also going to be a great way for people to share any information in the coming times, and which is very important. It will have a lower cost and can be easily implemented by anyone between open and private networks.

But in no time there was a lot of hype about Blockchain technology, because they have felt that this technology can completely change our future technology. This thing is also true to a large extent, but speaking like this will not make sense at all, rather we need to understand Blockchain Technology completely, apart from this you have to think about different aspects, we will go somewhere else. Mehjuda will be able to speak of being better than technology.

It is true that the pace of adoption of Blockchain technology is very slow, but some technology experts believe that this speed will gradually accelerate in the coming time, which is a very good news for us. In future this technology will change the whole world.

That’s why today I thought that why not provide all of you important information about Blockchain technology so that it will be easy for you to understand it. So without delay let’s start today’s article.

What is Blockchain Technology – What is Blockchain Technology

Blockchain is a digital ledger. But do you know what a ledger is? Ledger is a book lot that maintains such accounts where debits and credits transactions are posted from the book where they are in the original entry. Or we can say that the entries from the original book are updated in this ledger.

What is Blockchain

We can say that blockchain is a digitized, decentralized, public ledger blockchain.

Disadvantages of Blockchain Technology

Everyone must know that where there is profit, people also have to bear the loss from there. Therefore, along with the advantages of Blockchain Technology, there are also some disadvantages which are given below:

1) You have to pay a lot of fees to use the network in Blockchain technology.

2) As people are getting to know about Blockchain technology, the use of this Blockchain Technology is increasing at a rapid rate, due to this many problems are also coming in this Blockchain Technology.

3) Due to the excessive use of Blockchain technology, there has been a decrease in the speed of Blockchain technology.

4) High power is required to use Blockchain Technology.

5) About the amount of electricity consumed by countries like Netherlands in 1 year. Blockchain technology alone consumes more power than that.

6) If you sent your bitcoins to someone by mistake. Then bitcoin won’t come back again.

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