Date of Publication :24th October 2019

Abstract: Few people in the blockchain industry have marked the blockchain has become over popular but in reality the technology has limitations and also is inappropriate for many digital communications. Blockchain requires a large network of users to maintain it’s ecosystem, however It becomes more difficult to reap the full benefit if a blockchain is not a robust network with a widely distributed grid of nodes. The blockchain can only executes about seven transactions per second. The biggest security flaw in blockchains is if more than half of the computers executing as nodes to instruct and service the network tell a lie, the lie will become the truth in just a blink of eye. This is marked as ‘51% attack’ and was highlighted by Satoshi Nakamoto when he inaugurated the bitcoin. This is the reason the bitcoin mining pools are monitored closely by the community and ensuring no one unknowingly gains such network influence. Politics has been a biggest restriction in the avoidance of blockchain as the protocols offer an opportunity to digitize governance models, and the miners are essentially forming another type of incentivised governance model, so there have been tremendous opportunities for public disagreements between different community sectors

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