With over $176 billion by 2025 and $3.1 trillion by 2030 in business value generation, the relatively new blockchain technology and cryptocurrencies is anticipated to have many advantages in utilization across industries. This technology has already been effectively implemented in insurance, merchant processing, real estate, and many others.
However, SAEA members focused a recent discussion on some potential cons or disadvantages of Blockchain.
-Speed and performance: Blockchain is significantly slower than a traditional database as it carries out more operations
-High implementation cost: Blockchain is costlier compared to a traditional database
-Data modification: Blockchain does not allow easy modification of data once recorded, and rewriting the codes is time-consuming and expensive. This makes it hard to make adjustments or fix mistakes.
SAEA members look forward to continued discussion around Blockchain technology and potential employment and career challenges to computer and software engineering.