Major Problems Associated with Blockchain

Motivation & Environment

Although Blockchain is revolutionary and uses the spectacular properties of distributed consensus algorithm and cryptographic techniques to offer a transparent, accountable, synchronized, immutable and secure ledger platform that is being maintained by a group of users across a geographically distributed network that doesn’t need middlemen or any trusted authority, there are few problems associated with it.

The interests of various governments, nature of different businesses, and changing needs of various organizations have to be addressed in a way that would make it possible to overcome the following problems associated with blockchain in order to enhance user experience, further reduce cost, and improve the quality service the technology offers:

1. Environmental problems as a result of maintaining blockchain security

Complex algorithms are used to maintain blockchain security and keep the blockchain running, and the operation of the complex algorithms—especially to direct or control cryptocurrency platforms such as Bitcoin—requires large amounts of…

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