Blockchain technology is increasingly used by enterprises. Though its use has started to be widespread, there are certain pros and cons associated with it that one must know before choosing. The blockchain Governance Platform Development takes care of the management and taking care of the changes to be implemented in the system.
- High quality of data: With the help of blockchain you get access to the superior quality of data. All data is stored in a distributed ledger. This ledger is highly secure and filters out the low-quality data from the high-quality ones. Due to the security and the filtration method used, there is no intervention by anyone to add poor-quality data. All the information that goes into the ledger is passed only after complete verification. Also when humans are only a part of the transaction errors are bound to happen. This is eliminated here and only high-quality data is stored.
- No intermediaries: There is no middleman involved since it is a highly decentralized system. In transactions done with fiat currency offline, the middlemen get access to a huge chunk of money that can be easily saved with blockchain technology.
- Transparency: The data stored in the ledgers are highly transparent to stakeholders. No one can change or alter anything here. Data is stored in blocks and each block is encrypted. Any tampering would get the notice of the people who have access to the account so it is not easy to do it.
- Faster transactions: The transactions are completed at great speed as it is done online. Also, the intermediate disturbances are not present leading to increased speed of transactions. We all know how long it takes for the traditional system to happen.
- Repetitive processes: The computation needs are more repetitive here than the centralized servers. All nodes have to be updated every time the ledger is updated. So the same process is repeated over and again without any purpose. This leads to redundancy.
- Private keys: You can have access to the ledgers only through your private keys. This is the only thing that keeps your access secure. You should always try to keep this secure to avoid unnecessary intrusions.
- Regulations are uncertain: Proper set of regulations are not available for all blockchain technologies and this makes reliability an issue. There is no centralized control and scams have happened here too even after the highest security.
- Energy consumption: Huge energy is consumed since every consensus nodes need to be formed. A lot of computations also consume energy.
- Integration: There is a concern about the integration of blockchain. The enterprises have to completely be devoid of the legacy networks since the integration of the traditional and the blockchain faces hiccups.