Blockchain

Pros

1. Distributed System: Blockchain are distributed over thousands of the devices

computers which are part of the network as nodes and these nodes keeps the
replications of the entire data stored in them which makes it highly hardy against any
technical failures and malicious attacks. Because if any single point fails the other still
have the copy of the data.
2. Immutability and High-Quality Data: One of the biggest advantages of blockchain
is that it provides everybody with a high-quality data which cannot be manipulated by
anybody and nobody can add any useless information. All the time any new block is
added, it needs to be verified by the participants of the blockchain and not by one
person as it is a decentralized system. Because of this it is also attributed to be as
‘distributed ledger technology’. Greater the number of nodes better it is for the safety
and transparent of the blockchain. This also provides stability to the data as because
no one in future is able to either hide or remove any entry as the records are on
distributed on the public ledger. It makes a financial audit much easier.
3. No Middle-men: One biggest benefit of the blockchain technology is that it
eliminates all middle men and connects the service provider directly to the ground
level user. In this way it eliminates the chance of in between commission and reduces
the costs. This also enables the trust of the users as because he or she is directly in
contact with service provider and not instead with somebody in between who might or
might not be trustworthy person.
4. Security: Each individual in the chain is provided with a unique identity linked to
ones’ account which makes it sure that nobody else can operate ones’ account. Also,
the use of cryptographic encryption for each block makes it very secure. As the hash
values are calculated automatically, it cannot be manipulated manually. Hence every
individual entry (viz. block) and the individual participant of the blockchain is secure
within this design.
5. Empowered Users: As compared to a system controlled centrally the user is lot more
empowered in a system which is controlled by the peers instead. Also, there is greater
chances of corruption in centralized system as the data of the individuals can be used
for wrong purposes by the people higher place in system. Whereas the transparent and
 secure ecosystem of blockchain gives the user full control over his/her information
and ensures no misuse.
6. Faster Processing: (Please verify this one, it is also a con because of few
limitations) Usually, the transaction initiated in traditional system takes a lot of time
as because of intermediate organizations. Because first the transaction is forwarded to
those organization which is then processed at their end and finally the concerned
person is communicated about the success or failure of the transaction. But in
blockchain this happens immediately as only the two concerned are approving the
transaction.
1. Different attacks on Blockchain: although the technology claims to be fool proof
but it can be attacked based on the algorithms (e.g. Proof of Work, Proof of Stake)
they are using. But as the
a. 51 percent Attacks:
2. Excessive use of computational power and energy: The
3. Volatality
4. Redundant
5. Difficult to maintain synergy: if at a single point of time a number of
6. Doesn’t come easy to everybody: