Today cryptocurrencies are considered one of the most famous technical innovations in recent years. It has become difficult to deny their effectiveness and many advantages in many uses and fields. Despite this, the blockchain technology, which is the cornerstone of it, still suffers from some problems, as the presence of more than 6000 digital currencies today does not mean that each of them managed to create a real revolution on their own, because there are many challenges that hinder the progress of Blockchain and its wider spread.
Any recent technology faces some problems at its inception, which is normal, but for blockchain, the matter was somewhat different, as the technology itself is not the only problem, but rather the decentralized and open-source nature that requires a lot of collective efforts to make the best use of it. In this article, we will talk about the most prominent challenges that stand in the way of blockchain spreading widely and making actual changes so follow us to learn about them.
Scalability is one of the most prominent problems that hinder the progress of any blockchain platform in general, as many of these platforms always face difficulty in spreading more widely with many new users joining them, and in the end, they are forced to follow other solutions and make modifications to the platform that may It leads to a lot of disputes between developers and the occurrence of branches in the platform itself, as the Bitcoin network, for example, increases in size by about 1MB per block every ten minutes, and its full-size today has reached approximately 285GB.
On the other hand, there are platforms such as Ethereum that have become much larger than that, as the volume of their full data has exceeded the 5TB barrier until today, which is considered a real problem due to the need for this data to be fully present on the computers that want to be part of the network for mining and processing transfer transactions. For private blockchain networks, scalability is not really a big problem, as its participants have a direct interest in processing transactions, in addition to the fact that it basically does not allow anyone to join them.
The speed of processing transactions:
Despite the many advantages offered by blockchain for processing transfer transactions, it is still far behind competitors in terms of speed, as Bitcoin, for example, can only process about 7 transactions per second, while Ethereum, which is considered to be a huge advantage over it, does not It can process only 15 transactions per second as well, but companies specializing in this field, such as the Alibaba payment service, were able to access 325,000 transactions per second in one day, and the credit card company Visa can process 1,700 transactions as well.
Decentralization is the most prominent feature that distinguishes blockchain networks from many other technologies, as they are freely able to operate far from the presence of any authority or authority that controls them, but the problem here is the level of decentralization that each platform can provide, like Bitcoin, which was previously The gold standard for a decentralized blockchain network, today it is governed by mining farms that control most of their mining capacity, which has led to the individual miners leaving this field almost completely due to their inability to make real profits from it.
Of course, this problem is currently related to the Bitcoin currency because its price has doubled in recent years, but it may expand to include other platforms in the event that the prices of their currencies rise and create a sufficient incentive for large companies to establish their own mining farms. As for private blockchain networks, the matter is somewhat different, because its subscribers usually form a certain group whose intentions are ascertained in advance, and therefore the control of some of them over the processing of transactions will not lead to any problems in the normal state.