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Possible problems associated with blockchain
But not everything is so smooth in the blockchain realm. Let’s add a fly in the ointment to this barrel of honey…
A serious problem has arisen: if you constantly complicate each block to create a digital label and signature, will there not be a situation when all the system’s capacities cannot solve the tasks assigned to it?
In other words, will it not be that the task becomes so complicated that the system itself cannot overcome it? Such a statement of the question is a bit like the creation of a perpetual motion machine, but it takes place in practice.
Indeed, to solve more complex problems than a simple register of funds within the same bitcoin, we really need completely different algorithms.
Smart programs in blockchain technology
And already in 2013 in Canada, a group of developers created a new blockchain-based technology: Ethereum. Its creator, Vitalik Buterin, introduced a new concept to the blockchain procedure.
He came up with the idea that the digital signatures of each block would be formed not by the system devices themselves, but by special smart programs. It is smart programs that will regulate the fulfillment of all agreements on both sides when concluding any transaction.
In other words, now, in order to make, for example, a money transfer, no intermediaries are needed: the entire operation will take place within the system. And the exclusion of additional and third parties from the settlement chain will significantly simplify the process.
Thus, the problem of the complexity of the calculations was temporarily eliminated. But there are additional tasks that blockchain ideologues have yet to solve.
So, the main possible problems.
Mining and resource costs
As we already know, with each new iteration, the code for getting bitcoin becomes more complicated. It comes to the fact that the mining farms where bitcoins are mined experience elementary problems with energy consumption. In other words, it is necessary to solve the problem of uninterrupted power supply. Perhaps this will help to more intensive development of renewable energy sources.
Transaction confirmation speed within the system
Due to the same, increasing complexity of calculating digital codes, the speed will drop with each operation. Perhaps this will serve as a definite impetus for the development of computing technologies.
Lack of digital signatures (keys)
This includes the impossibility of restoring lost access to an electronic wallet, as well as the risks associated with changing the wallet address.
So we are waiting for new technological inventions from those who are involved in the process of introducing blockchain into our daily lives.