Blockchain technology is a revolutionary digital ledger system that enables the secure and transparent recording of transactions across a decentralized network. This disruptive technology has gained immense popularity due to its potential to transform various industries, ranging from finance to healthcare and beyond. However, despite its numerous benefits, blockchain technology also has its limitations and challenges, particularly in the areas of security and privacy. While blockchain technology has gained significant attention and adoption in recent years, it still has some limitations that must be addressed to fully realize its potential. These limitations include scalability challenges, energy consumption issues, lack of interoperability between different blockchain networks, susceptibility to 51% attacks, and regulatory challenges. Scalability challenges refer to the difficulty of processing a large number of transactions within a short time frame. This is a common issue for many blockchain networks, especially public ones, which are open to anyone to participate in the network. As more transactions are added to the network, the time it takes to process them can slow down, leading to longer transaction times and higher fees. This can limit the use cases of blockchain technology in industries such as finance and supply chain management, where fast and efficient transactions are critical.
Full commentary : Emerging Blockchain Solutions to Persistent Security And Privacy Challenges.
