"PROS AND CONS OF BLOCKCHAIN"

Hey everyone! So this is my second article on blockchain. In the first
one, i talked about what blockchain was. Don't forget to check that out.
The link would be present at the bottom.
So today I would be writing it's advantages and disadvantages and it is
so intriguing.
https://www.google.co.in/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjBvbu5z93UAhVErY8KHemkCm8QjRwIBw&url=https%3A%2F%2Fwww.extremetech.com%2Fextreme%2F226832-could-the-bitcoin-blockchain-one-day-run-your-entire-city&psig=AFQjCNFw2FGdZSjABiXeVKRoNimMliVRcw&ust=1498638631563155

ADVANTAGES

1. NON CENTRAL CONTROL: There is no administrator or a third party
   controller of blockchain. Rather than having some centralized
   application logic, blockchain transactions have their own proof of
   validity and authorization to enforce the constraints. There is no
   recording of data on a central server and instead of storing data with
   some people(servers), it just uses a database locked by cryptography. So
   the chances of corruption of data are highly reduced.
   Also the third party control of data uses a lot of money and people for
   recording and security of data. In contrast, blockchain does not have
   such hassles.
2. USERS IN CONTROL:Users are in control of their info and transactions
   as there is no intermediate in between.
   3.HACKING RISKS REDUCED: The information on blockchain is available to
   everyone. so that reduces the need of a hack. Also the blocks are saved
   using clever cryptography. So that also reduces the risks of tampering
   with the data.
3. HIGH QUALITY DATA:Blockchain data is complete, consistent, timely,
   accurate, and widely available.
4. TRANSPARENCY: The data is widely available and the data cannot be
   altered with. Any changes are also viewed publicly.
5. LOWER TRANSACTION COSTS
   By eliminating third party intermediaries and overhead costs for
   exchanging assets, blockchains have the potential to greatly reduce
   transaction fees.
   https://www.google.co.in/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjQhsidzt3UAhWJp48KHZ9EDWMQjRwIBw&url=https%3A%2F%2Fbetanews.com%2F2015%2F12%2F28%2Fthe-benefits-of-blockchain-for-financial-services%2F&psig=AFQjCNFw2FGdZSjABiXeVKRoNimMliVRcw&ust=1498638631563155

DISADVANTAGES:

1. VERIFICATION: Every blockchain transaction must be digitally signed
   using a public-private cryptography scheme. This is necessary because
   transactions propagate between nodes in a peer-to-peer fashion, so their
   source cannot otherwise be proven. The generation and verification of
   these signatures is complex, and constitutes the primary bottleneck in
   products. By contrast, in centralized databases, once a connection has
   been established, there is no need to individually verify every request
   that comes over it.
2. Every transaction should be processed by each and every node and
   this takes a lot of work.
3. SOCIAL ACCEPTANCE: the public is very slow to accept such things as
   there is no regulatory authority. So people are very reluctant in
   accepting this. bitcoin got introduced in 2009 but still it does not
   have a wide audience. Governments are very critical of such things as
   they feel that their powers and currency would be limited.
4. CONTROL, SECURITY AND PRIVACY:
   While solutions exist, including private or permissioned blockchains and
   strong encryption, there are still cyber security concerns that need to
   be addressed before the general public will entrust their personal data
   to a blockchain solution.