ADVANTAGES AND DISADVANTAGES OF BLOCKCHAIN TECHNOLOGY
ADVANTAGES AND DISADVANTAGES OF BLOCKCHAIN TECHNOLOGY Blockchain offers a number of advantages which include: 1) Decentralization: it cannot be controlled by any central authority and also provides a transaction without any third party. 2) Transparency: the complete transaction history is available to everyone 3) Automation: activities could be automated with smart contracts. 4 ) Better attack resistance due to its nature of distribution, in which the system relies on multiple individual components. Thus, it will be hard to fail or be targeted by a cyberattack . 5) Potentially lower transaction costs and faster transaction times when compared to the traditional system in the current scenario . However, blockchain is more of a double-edged sword. It also comes with the following disadvantages: 1) When compared to the traditional existing banking system in certain circumstances, such as a domestic same bank transfer, potentially higher transaction costs and slower transaction tim