What is Blockchain Technology?
The Internet has allowed people and businesses to collaborate in new ways via networks and communities, where individuals build, self-govern, and flourish. By facilitating a decentralized and transparent collaboration and value exchange within such setups, blockchain technology is writing a new chapter in the history of the internet. However, what precisely is blockchain? What are the advantages and disadvantages of blockchain technology? Let’s investigate.
Blockchain technology is a decentralized, distributed ledger that maintains a record of economic transactions over a network of computers or nodes. Blockchain uses decentralization and cryptographic hashing to make any digital asset’s history immutable, secure, and visible. Blockchain was introduced as an underlying technology for Bitcoin by Satoshi Nakamoto in 2008.
Here’s a list of the pros and cons of blockchain technology:
| Pros | Cons |
| Decentralized Trust | Scalability |
| Low Operational Cost | Security |
| No Single Point of Failure |
Cost |
| Enhanced Security and Confidentiality |
Competitiveness |
| Reduced Fraud | Speed |