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The reverse side of the blockchain: the principal risks of technology

What are the challenges for application developers on the blockbuster?

07.Feb.18 11:35 PM
By Jeff Bannister


The reverse side of the blockchain: the principal risks of technology

In the last two years, approaches to the market have changed. The first step was the emergence of Uber, which replaced the approaches to the service, making the urban transport more personalized. The second level was the technology of smart contracts, which is the basis of the blockchain system, which provided a connection between the service provider and the customer without intermediaries. Many companies are eager to implement blocking to improve the safety of their products. However, technology also has its drawbacks. What are the challenges for application developers on the blockchain?

Features of economic models

The technology of the distribution register functions to ensure the fulfillment of certain conditions. This feature is the main advantage of the blockchain is the ability to unlock the cell when the specified requirements are met. This is convenient when working with cryptocurrencies. However, when it comes to applications, everything becomes more complicated. When designing applications on a blockchain system, programmers have to configure all the scenarios and interactions of the application participants. Specifying several practical scenarios at once is necessary. Otherwise, the application will not be able to perform its tasks. This aspect should be taken into account when using blockchain in referral programs, issue of tokens and fiat money.

Unverified data

Unauthentic or false info is the most global risk of using blockchain. Every year, more and more digital devices become available and the times of the "Internet of things" are already around the corner. Analysts see the economy of the future tied specifically to the use of electronic devices that will exchange data between services. Many of these scenarios have already been implemented. Cars with automatic parking systems and "smart house" systems are becoming commonplace, and in the future, these services are planned to implement blockchain. This can disrupt the closed ecosystem of the blockchain since information exchange requires access to external data. However, the source of this data must be reliable and safe. Otherwise, there is a risk of disruption to the functionality of the system. To solve this problem, it is possible to add additional restrictive scenarios in case of violation. Or you can configure the data source in such a way that it sends data to the blockchain system itself.

Dependence on many factors

In the future, the blockchain system will be implemented by state organizations to automate the accounting processes. In these areas, it is essential to have a transparent interaction with many participants in the application. Thus, the risk of the human factor is increasing. If one of the participants in the chain does not fulfill the terms of the smart contract, the cell cannot be unlocked. Thus, the blockchain presents increased requirements for the design of algorithms.

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