By Wirba Brice Divine Ransinyuy. ransinyuybricedivine@yahoo.com
Editor Notes: Title is slightly updated
So much is being said about the Blockchain technology from all corners of the world and it is difficult not admit the goodness and the happiness it brings to all its users no matter where they are found in the globe. The joy is just being unique with everyone actually appreciating the Blockchain technology. It is the truth that not all users of the Blockchain technology use it solely for financial reasons or services, some don’t and prefer to use it for their private needs and it is something which they are freely entitled to do. As a result of this diversity and multiplicity in use, it has obviously brought out the limitations of the Blockchain technology. Though, this technology appears to be without any limit or fault, but with the theory of nothing being perfect, even the Blockchain technology seemingly falls in this sad and overwhelming analyses of life. As such, it is goodwise to eventually formulate, the positiveness and negativeness of the Blockchain technology laying more emphasizes on its positiveness.
The positiveness of the Blockchain technology:
-No or low cost due to the elimination of third parties
-There is total transparency of the technology as it seen by everyone, thereby avoiding any form of corruption, scamming, blackmailing and faking.
-The financial transactions are very secure as they can be private transactions which are extremely efficient as well as public transactions which are as well as secure also.
-Not like in banks, the Blockchain technology has its own method or way of doing its own verification which thereby totally removes human verification in the course of the transaction.
-The Blockchain technology is not discriminatory or does not favor some users more than others, it is equal and treats its users all the same.
-The Blockchain technology adapts to all situations and circumstances without any eventual limits.
-With the use of decentralization, it renders it very difficult to play or tamper with.
The negativeness of the Blockchain technology are as follow;
-As a result of its no control, it has a history of use in illegal activities like money laundering.
-Despite the fact that it is very secure, there still exist a susceptibility of it being hacked.
-There is an absolute low transaction per second.
-There is also a significant technology cost, which is associated with mining cryptocurrencies like bitcoin.
Analyzing the positiveness and negativeness of the Blockchain technology, it is wise to say, the negativeness are things which can easily be dealt with and provided with ample solutions to render it a force. There is nothing that will slow down the growth of the Blockchain technology since there exist apparently no negative side of it.
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