Limitations of Blockchain
Blockchain technology primary challenges are high energy consumption, costs, risk of 51% attack, privacy limitations and scalability. Supply chain contains many more components in the modern infrastructure. As the Blockchain expands, it will not be surprising if a scalability issue rises. In addition, blockchain processing speed is the critical concern in implementation. Bitcoin blockchain has a size of 1MB in each block. And, considering the number of blocks processed for every appending transaction, enormous energy, as well as time, is what all potential processor needs. Red Belly Blockchain is one of the example, is a faster solution; per minute is capable of performing tens of thousands of transactions. Currently, most of the Blockchain can make to handle 20 or fewer in one second. On scalability issue, researchers are coming up with different solutions that can entirely overcome, which falls under two category: redesigning a storage optimization of Blockchain. For now, in the explanatory level, the above methods delineate, and no real-time solutions are released.
Due to the transparent nature of transactions, Private Blockchain aims at addressing the issue of security. While designing a Blockchain framework for industry, expertise is required to carefully choose the needed level of transparency while securing more sensitive information. However, there is lagging in the current production in people with both Blockchain expertise and domain.. Don't use plagiarised sources.Get your custom essay just from $11/page
All members approved the blockchain network of each Blockchain transactions. Hence, when the system is more extensive, energy and more time are consumed for each operation is posted and verified. One of the primary focus areas in blockchain research, the involvement of higher time, energy, and processing power results in higher expenditures.
The security of the individual can be compromised, to expose all information to all the stakeholders in the supply chain. Blockchain as a transparent network, information outflow can be a threat to the competitors in the market. It needs a high level of understanding of the privacy issues sharing information within the chain, and skills design the Blockchain accordingly.