| Security: enhanced data protection through cryptographic techniques and decentralization. |
Scalability: potential performance issues due to distributed nature. |
| Transparency: Distributed ledger ensures all participants have access to the same information. |
Energy consumption: proof-of-work consensus mechanisms can be energy-intensive. |
| Decentralization: no central authority, reducing the risk of single point of failure. |
Lack of regulation: regulatory uncertainties and potential misuse. |
| Immutability: tamper-resistant data records once recorded on the blockchain. |
Irreversibility of transactions: difficult to undo incorrect transactions or fraud. |
| Fast and low-cost transactions: peer-to-peer transactions without intermediaries. |
Complexity and learning curve: technical expertise required for understanding. |
| Traceability and audibility: timestamped and transparent transaction history. |
Data storage: expensive and impractical for large data storage. |
| Smart contracts: automated self-executing contracts with predefined conditions. |
Limited throughput: longer transaction processing time in some blockchains. |
| Enhanced privacy: pseudonymity for added privacy. |
Lack of governance mechanisms: slow decision-making and consensus challenges. |
| Global accessibility: internet-based accessibility for anyone with an internet connection. |
Security vulnerabilities: potential vulnerabilities in implementation. |
| Reduced fraud: tamper-resistant nature reduces fraudulent activities. |
Interoperability challenges: difficulty in transferring data between different blockchains. |
