Blockchain technology has disrupted several industries and is looking to shape the future of automation, robotics, machine learning and a lot of other fields. But it’s not all bliss and harmony in the world of block chains. It, like any other technology, has its limitations. Let’s take a look at a few blockchain disadvantages.
Blockchain is not a Distributed Computing System
• Scalability Is An Issue
• Some Blockchain Solutions Consume Too Much
Energy
•Blockchain Cannot Go Back — Data is Immutable
•Blockchains are Sometimes Inefficient
• Not Completely Secure.
Complexity
Dealing with blockchain technology involves picking up an entirely new vocabulary.
It has made cryptography more mainstream, but the highly specialized industry is chock-full of jargon. Thankfully there are blockchain and cryptocurrency courses and indexes being created for newcomers, but overall this is a very complicated industry that will not be soaked in and applied overnight.
Network size
Blockchains (like all distributed systems) are not so much resistant to bad actors as they are ‘anti-fragile’ – that is, they respond to attacks and grow stronger.
This requires a large network of users, however. If a blockchain is not a robust network with a widely distributed grid of nodes, it becomes more difficult to reap the full benefit.
There are some discussion and debate about whether this is a fatal flaw for some blockchain projects.
Transaction costs, network speed
Bitcoin currently has notable transaction costs after being touted as ‘nearly free’ for the first few years of its existence.
As of late 2016, it can only process about seven transactions per second and each transaction costs about $0.20 and can only store 80 bytes of data. Most of this cost is covered by the energy consumption. There are very fewer chances that this issue can be resolved by the advancement in technology. As the other factor that is the storage problem might be covered by the energy issues cannot be resolved.
BlockChain Technology 