Feb 3, 2019 10:30 UTC
Feb 3, 2019 at 10:30 UTC
Things Blockchain Technology Cannot Solve
Blockchain is a revolutionary technology that is widely considered to be the driving force behind humanity’s next industrial revolution. By creating the internet of value exchange, Blockchain Technology is set to radicalise a number of industries such as Finance, Healthcare, and Retail.
That’s not all, the distributed ledger technology also has the potential to solve several issues such as poverty and corruption. However promising the technology might seem, there are certain things Blockchain Technology cannot solve.
In this article, we will be going through those very issues which cannot be addressed using Blockchain.
You may also read: 5 Things You Should Know About Blockchain
Blockchain cannot prevent human error
While Blockchain offers the best way to store decentralized records, however, their accuracy can often be only as good as the mindfulness of the humans entering the records in the electronic ledger.
For example, if a warehouse worker scans the same box twice, the records are automatically falsified.
Socially engineered attacks cannot be prevented with Blockchain
Since records stored on a distributed and decentralized Blockchain cannot be altered or destroyed, hence Blockchain prevents a lot of cyber attacks. You can say goodbye to privacy intrusions and DDoS attacks, all thanks to this emerging technology. However, attacks that involve the manipulation of people cannot be addressed using Blockchain.
In other words, we can say that brainwashed humans will always find ways to override things. This is something that can Blockchain cannot really solve. You might also be wondering if Blockchain technology can be hacked? Do read our article on the same to know more.
You may also read: A Beginners Guide To Bitcoin Cash
Blockchain can’t eliminate data leaks entirely
Even though Blockchain tech offers massive benefits, when it comes to the world of cybersecurity the technology still cannot solve all the issues. Hackers are always on the lookout to find loopholes.
Take the example Bitcoin. Blockchain is the technology that underpins the world’s largest cryptocurrency. The pioneering digital currency has however faced a lot of issues such as data breaches, counterfeiting, etc.
Blockchain may not eradicate fiat currency
While there are all sorts of experts prophesying the end of fiat money owing to the introduction of Blockchain-based cryptocurrencies such as Ethereum, Bitcoin, Litecoin, etc, however, we need to look at the facts to see if it will really become reality.
As per data, the numbers of stores that accept Bitcoin is decreasing. They peaked in 2015, and ever since then it has been a slippery slope.
And when it comes down to it, most people do not see this highly volatile crypto as a secure store of value.
You may also read: A Beginners Guide To Bitcoin Gold
Blockchain cannot guarantee human-made transactions
Recently bots posing as humans have become a major nuisance. Not only do they drain website traffic, but they also cause mayhem on social media networks.
In a similar manner, bots can wreak havoc on the digital ledger if they conduct transactions on a platform. Blockchain Technology will not really be able to tell the difference between a transaction carried out by a real human vs a fake bot.
Blockchain Technology is definitely cutting-edge, however, it cannot possibly solve all human problems. In the end, when it comes down to it, a holistic approach needs to be taken in order to solve critical issues.
Here are a Few Articles for you to Read Next: