The benefits and limitations of using blockchain technology.

Blockchain is a digital decentralized ledger, that exist on different nodes. This is an immutable ledger that is used to keep assets, information, token ane other valuable items. The decentralized world of Blockchain has make it easier for people have access to information through their personal computers, rather than a single entity having access to information. Information stored on Blockchain are immutable ledger which can't be alter by malicious actors due the nature of Blockchain. To alter any vital records on Blockchain you need to have access to thousands of nodes which is almost impossible have access to those running nodes. Blockchain data are store in hashes rather than ordinary plain text which is not readable except as hash. Block of records are link together through cryptography hash

The Benefit of Blockchain

Blockchain is a peer to peer Network which allow user to interact with each other without have to involve third party. This eliminate the issue of looking for theirs party signing agreement.

Network peer members have the access to transaction history of the blockchain as well as other records on the blockchain.

Every block data on Blockchain are linked to the previous block which can be seen as supply chain management.

Blockchain is decentralized in nature which every member of the network have the decision to partake in every decision making.

Security and Privacy: block of data on Blockchain are store inform of hashes rather than a plain text.

Transactions on Blockchain are fast and efficient than local banks who delay transaction for hours. A transaction on Blockchain can be as fast possible as a blink of eyes.

Limitations of Blockchain

Lack of awareness: Limited number of people are currently using Blockchain

Immutable Data: Once a data is input on the blockchain, it can't be manipulate

High consumption of Energy: Blockchain is comprises of different nodes which they are connected to each other, they receive and update information at the same time, which they as well mine coin that result to high consumption.

Scalability