What are the disadvantages of blockchain technology?

Cost Reduction: As blockchain needs no third man it reduces the cost for the businesses and gives trust to the other partner. Here are some disadvantages of Blockchain: Scalability: It is one of the biggest drawbacks of blockchain technology as it cannot be scaled due to the fixed size of the block for storing information.

What are the advantages of blockchain over non-blockchain database?

Blockchain is famous for its critical role in cryptocurrency systems like Bitcoin. It maintains a decentralized and secure record of crypto transactions. Therefore, blockchain can guarantee the fidelity and security of data records and generate the need for a third party. Advantages Of Blockchain Over Non-Blockchain Database • Immutability.

What are the benefits of blockchain technology?

Healthcare: Blockchain can improve the interoperability and security of health records, streamline administrative processes, and ensure the integrity of medical data. Identity Management: By providing secure and decentralized identity verification, blockchain technology offers a solution to identity theft and fraud issues.