Greetings SoMee Family
Today I will be teaching about the blockchain technology.
1. WHAT IS BLOCKCHAIN?
Blockchain is a developing technology. It is the immutable public ledger that supports the process of recording transactions and tracking the assets stored in any network. The transactions are stored on the nodes, These nodes are helpful for confirming the transactions and getting the fees in return. Our financial system is developing by gaining this blockchain technology. The world is changed after the evolution of blockchain technology. This technology is used in a wide range of different fields. Almost every field has the step to blockchain technology such as transport, music, finance, and a lot more applications of blockchains in advancing human systems in front of us.
2. What are the main issues arising in the existing system of blockchain technology?
Although blockchain technology is an evolved technology with a lot of benefits and attributes. It is acquiring popularity and technology is improving day by day. With every spectacle and elaboration of new technology, there are some issues also, as I also illustrated earlier that blockchain technology is in the progressing face so it is also important to keep the focus on the issues that we face while implementing the technology so that we will be able to solve these issues and the blockchain technology will move towards more betterment.
2a. SCALABILITY:
The first problem in the execution of blockchain technology is scalability. We know that with the advancement of blockchain technology, more users are entering the technology world and the procedure of transactions is slowing down day by day.
Due to this the rewards fee is also varying especially in the most famous Ethereum blockchain. There are a large number of nodes that are used in blockchain technology to hold the data which have limited depository due to the increasing hindrance of the work it is difficult to operate to and store all the information.
2b. SECURITY:
Another issue with the current blockchain technology is the security problem. We all are well conscious of the many events of hacker attacks or cyber-attacks. Security is the first priority before the implementation of any technology, So security matters become a hindrance in the implementation of blockchain technology.
As a decentralized technology, no third party provides security responsibility. If the hacker gets access they can get out all the data and tokens of the user. As anyone can use this open-source technology so it decreases its accuracy in it the way that it becomes easy for hackers to steal data.
2c. COMPACTIBILITY:
Blockchain Technology is a network that operates independently which can make the procedure of transmitting the data and network in other networks difficult. This process restricts the process to improve the network. So less compatibility is another issue that is present in blockchain technology.
3. ADVANTAGES OF BLOCKCHAIN TECHNOLOGY
3a. TRANSPARENCY:
One of the unique features of blockchain technology is its transparency. This indicates that all transactions that take place on the blockchain are publicly available for anyone to view. Since the transactions cannot be changed once they are recorded, this creates a system of trust and accountability, making it easy to track and verify transactions.
We can say that the transparency of blockchain technology is a powerful tool that promotes trust and helps to reduce fraud.
3b. DECENTRALIZATION.
Blockchain is a decentralized technology which means no third party is involved in the transactions. We can easily access our transactions at any time. Instead, many computers operate together to check if a transaction is accurate. When a transaction is made, it is sent to many computers in the network to check if it is okay.
If it is approved then the transaction is added to the blockchain and all the computers in the network update their copy of the blockchain. As no third party is involved this enhances security.
3c. LOW FEE
Blockchain technology is efficient because it can process transactions quickly and without the involvement of a third party which can lead to faster transaction times and lower fees. This is possible because the network is decentralized and can handle a large volume of transactions at the same time. This makes blockchain technology more efficient and impressive
thank you all for reading, Don't forget to like, share and comment
#SME #someeofficial #AweSME #SoMee # crypto #learning #blockchain
Today I will be teaching about the blockchain technology.
1. WHAT IS BLOCKCHAIN?
Blockchain is a developing technology. It is the immutable public ledger that supports the process of recording transactions and tracking the assets stored in any network. The transactions are stored on the nodes, These nodes are helpful for confirming the transactions and getting the fees in return. Our financial system is developing by gaining this blockchain technology. The world is changed after the evolution of blockchain technology. This technology is used in a wide range of different fields. Almost every field has the step to blockchain technology such as transport, music, finance, and a lot more applications of blockchains in advancing human systems in front of us.
2. What are the main issues arising in the existing system of blockchain technology?
Although blockchain technology is an evolved technology with a lot of benefits and attributes. It is acquiring popularity and technology is improving day by day. With every spectacle and elaboration of new technology, there are some issues also, as I also illustrated earlier that blockchain technology is in the progressing face so it is also important to keep the focus on the issues that we face while implementing the technology so that we will be able to solve these issues and the blockchain technology will move towards more betterment.
2a. SCALABILITY:
The first problem in the execution of blockchain technology is scalability. We know that with the advancement of blockchain technology, more users are entering the technology world and the procedure of transactions is slowing down day by day.
Due to this the rewards fee is also varying especially in the most famous Ethereum blockchain. There are a large number of nodes that are used in blockchain technology to hold the data which have limited depository due to the increasing hindrance of the work it is difficult to operate to and store all the information.
2b. SECURITY:
Another issue with the current blockchain technology is the security problem. We all are well conscious of the many events of hacker attacks or cyber-attacks. Security is the first priority before the implementation of any technology, So security matters become a hindrance in the implementation of blockchain technology.
As a decentralized technology, no third party provides security responsibility. If the hacker gets access they can get out all the data and tokens of the user. As anyone can use this open-source technology so it decreases its accuracy in it the way that it becomes easy for hackers to steal data.
2c. COMPACTIBILITY:
Blockchain Technology is a network that operates independently which can make the procedure of transmitting the data and network in other networks difficult. This process restricts the process to improve the network. So less compatibility is another issue that is present in blockchain technology.
3. ADVANTAGES OF BLOCKCHAIN TECHNOLOGY
3a. TRANSPARENCY:
One of the unique features of blockchain technology is its transparency. This indicates that all transactions that take place on the blockchain are publicly available for anyone to view. Since the transactions cannot be changed once they are recorded, this creates a system of trust and accountability, making it easy to track and verify transactions.
We can say that the transparency of blockchain technology is a powerful tool that promotes trust and helps to reduce fraud.
3b. DECENTRALIZATION.
Blockchain is a decentralized technology which means no third party is involved in the transactions. We can easily access our transactions at any time. Instead, many computers operate together to check if a transaction is accurate. When a transaction is made, it is sent to many computers in the network to check if it is okay.
If it is approved then the transaction is added to the blockchain and all the computers in the network update their copy of the blockchain. As no third party is involved this enhances security.
3c. LOW FEE
Blockchain technology is efficient because it can process transactions quickly and without the involvement of a third party which can lead to faster transaction times and lower fees. This is possible because the network is decentralized and can handle a large volume of transactions at the same time. This makes blockchain technology more efficient and impressive
thank you all for reading, Don't forget to like, share and comment
#SME #someeofficial #AweSME #SoMee # crypto #learning #blockchain
Greetings SoMee Family
Today I will be teaching about the blockchain technology.
1. WHAT IS BLOCKCHAIN?
Blockchain is a developing technology. It is the immutable public ledger that supports the process of recording transactions and tracking the assets stored in any network. The transactions are stored on the nodes, These nodes are helpful for confirming the transactions and getting the fees in return. Our financial system is developing by gaining this blockchain technology. The world is changed after the evolution of blockchain technology. This technology is used in a wide range of different fields. Almost every field has the step to blockchain technology such as transport, music, finance, and a lot more applications of blockchains in advancing human systems in front of us.
2. What are the main issues arising in the existing system of blockchain technology?
Although blockchain technology is an evolved technology with a lot of benefits and attributes. It is acquiring popularity and technology is improving day by day. With every spectacle and elaboration of new technology, there are some issues also, as I also illustrated earlier that blockchain technology is in the progressing face so it is also important to keep the focus on the issues that we face while implementing the technology so that we will be able to solve these issues and the blockchain technology will move towards more betterment.
2a. SCALABILITY:
The first problem in the execution of blockchain technology is scalability. We know that with the advancement of blockchain technology, more users are entering the technology world and the procedure of transactions is slowing down day by day.
Due to this the rewards fee is also varying especially in the most famous Ethereum blockchain. There are a large number of nodes that are used in blockchain technology to hold the data which have limited depository due to the increasing hindrance of the work it is difficult to operate to and store all the information.
2b. SECURITY:
Another issue with the current blockchain technology is the security problem. We all are well conscious of the many events of hacker attacks or cyber-attacks. Security is the first priority before the implementation of any technology, So security matters become a hindrance in the implementation of blockchain technology.
As a decentralized technology, no third party provides security responsibility. If the hacker gets access they can get out all the data and tokens of the user. As anyone can use this open-source technology so it decreases its accuracy in it the way that it becomes easy for hackers to steal data.
2c. COMPACTIBILITY:
Blockchain Technology is a network that operates independently which can make the procedure of transmitting the data and network in other networks difficult. This process restricts the process to improve the network. So less compatibility is another issue that is present in blockchain technology.
3. ADVANTAGES OF BLOCKCHAIN TECHNOLOGY
3a. TRANSPARENCY:
One of the unique features of blockchain technology is its transparency. This indicates that all transactions that take place on the blockchain are publicly available for anyone to view. Since the transactions cannot be changed once they are recorded, this creates a system of trust and accountability, making it easy to track and verify transactions.
We can say that the transparency of blockchain technology is a powerful tool that promotes trust and helps to reduce fraud.
3b. DECENTRALIZATION.
Blockchain is a decentralized technology which means no third party is involved in the transactions. We can easily access our transactions at any time. Instead, many computers operate together to check if a transaction is accurate. When a transaction is made, it is sent to many computers in the network to check if it is okay.
If it is approved then the transaction is added to the blockchain and all the computers in the network update their copy of the blockchain. As no third party is involved this enhances security.
3c. LOW FEE
Blockchain technology is efficient because it can process transactions quickly and without the involvement of a third party which can lead to faster transaction times and lower fees. This is possible because the network is decentralized and can handle a large volume of transactions at the same time. This makes blockchain technology more efficient and impressive
thank you all for reading, Don't forget to like, share and comment
#SME #someeofficial #AweSME #SoMee # crypto #learning #blockchain
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