Persuasive Essay On Blockchain

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Do you really need Blockchain? There a few skeptics out there thinking some businesses are rushing towards this new technology too quickly. So, before you suffer the same fate as them, analyze some key reasons why block chain may not be for you.

It’s easy to pack your bags and book a one-way ticket on the Blockchain hype train. Venture capitalists all over the world are pouring millions into startups focusing on the technology, and news outlets are claiming it to be the harbinger of a new technological revolution. But before you put your chips all in on this fascinating trend, take some time and hear the other side of the story. There are plenty of skeptics in line waiting to chew up all things Blockchain, and here’s why.

BLOCKCHAIN PROMOTES CRIME …show more content…
Cryptocurrency theft is a real thing, and might even get worse as technology gets more popular. Furthermore, it’s a widely known fact that Bitcoin is the preferred payment of Dark Web users, ransomware criminals, and other ill-intentioned people. Lastly, while many praise the technology for its anonymous capabilities, that also means illegal transactions are nearly impossible to trace.

BLOCKCHAIN COULD MAKE TRANSACTION COSTS RISE
Wait… Isn’t this technology supposed to make transactions quicker and cheaper? Well, in theory, getting rid of the middleman (i.e., the bank) in a transaction means two or more parties can complete transactions effortlessly and without paying a commission. However, think a little deeper about it. If everything moved to a Blockchain-based infrastructure, then the transaction costs could rise to $3-4 per transaction. Furthermore, trading on this system could become a sluggish endeavor.

BLOCKCHAIN THRIVES ON

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