Advantages and Disadvantages of Blockchain

           Blockchain is a global online database that anyone with an internet connection can use, but it doesn't belong to anyone. 

             Blockchain was invented by Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency Bitcoin. The invention of the Blockchain for Bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The Bitcoin design has inspired other applications.

             

              In n the original papers of Satoshi, the names “Block” and “Chain” were used separately but it got popular by 2016 as a single word “Blockchain.”

Advantages of the Blockchain.

1. To change a single record would require the alteration of all subsequent records and the collusion of the entire network. Thus, data on a blockchain is more accurate, consistent and transparent than when it is pushed through paper-heavy processes.
2. Since record-keeping is performed using a single digital ledger, you don’t have to reconcile multiple ledgers and you end up with less clutter.
3. You just have to trust the data on the blockchain therefor you don't need many third parties or middlemen.
4. When exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an asset came from and every stop it made on its journey. Therefor it can help to verify the authenticity of assets and prevent fraud.
5. Blockchain is more secure than other record-keeping systems.The information is stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the data. 

Disadvantages of Blockchain

1. High initial Capital Cost.
2. The consumption of power in the Blockchain is comparatively high.
3. In each and every part of world modern money has been created and controlled by the central government. It becomes a hurdle for Bitcoin to get accepted by the preexisting financial institutions. 
4. 51% attack (Simply If 51% lie, the lie will become the truth).