The one only draw back of the blockchain technology / system

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Avatar for Odengift
3 years ago

It is fixable and can be achieved

One thing is certain and that is, nothing is hundred percent (100%) perfect and the blockchain technology is not immune to this fact.

But the blockchain technology can be made to achieve close perfection since 100% perfection is not feasible. To every good thing comes with its drawbacks and the technology has it short comings

Below are but a few of such drawbacks /short comings

  • Non refundability of funds when transferred

  • Anonymity, a state of being anonymous ( hidden identity)

  • No regulation of the technology

Let's talk briefly about this points

Non refundability of funds

here there is a possibility of one making mistakes and once that happens you have no second chances at correcting it ( a technology of no second chance) . And with this it makes most persons scared of using such tool...

Way forward

Almost everything in life has a remedy (back door) especially when it comes to technology. Just like the banking systems, the blockchain technology can also be made to be able to refund funds and if you ask me I would love for developers to look into it..

Next

Anonymity

This feature of this technology is an open cheque /ticket for illegal activities.... It will help breathe more corruption and other illicit acts in the world of currency .

Way forward

As much as it is a good thing to some extent, it is also way way bad... The option of anonymity should be there but when it comes to certain persons and transactions there should also be a way to trace/track the origin of such transactions and persons who carried them out.... This is 100% achievable.

Last but not the least

No regulations

Whatsoever that doesn't have rules and regulations is meant for disaster.. Just my opinion.

Ways or measures should be put in place to regulate the technology so as for some persons not to used it to wreck others.

Don't feel infuriated about the article, it's just an opinionated thought . Thanks for reading.

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