Blockchain: Pros And Cons Of The New Technology [INFOGRAPHIC]

What is Blockchain

In our latest infographic, we talk about the pros and cons of blockchain technology. We first discuss the basics, such as the definition of blockchain, the differences between public and private blockchains, and the pros and cons of the technology.

Later, we give it a SWOT Analysis, talk about different uses, the various benefits of adopting blockchain tech into your business, give some numbers and stats, and finally discuss 5 future uses of the technology.

After talking about what blockchain technology is and how it works, the infographic discusses the differences between public and private blockchains.

These differences include how you register, how Smart Contracts are prepared, the difference between the blockchain itself (essentially decentralized vs centralized), manipulation possibilities, and the cost factors of each.

From there, we expand on the following pros of blockchain:

disintermediation;
empowered users;
high quality data;
durability,
reliability, & longevity;
process integrity;
transparency and immutability;
ecosystem simplification;
faster transactions;
and lower transaction costs.

In this section we also include an insightful graph from Deloitte’s 2018 Global Blockchain Survey, showing how senior executive respondents felt about the advantages of blockchain over their existing systems.

On the list of cons we expand on, they include:

performance – redundancy,
signature verification, & consensus mechanisms;
integration concerns;
uncertain regulatory status;
large energy consumption;
control,
security, & privacy;
cultural adoption;
cost;
and the fact that it’s nascent technology.

Blockchain Technology

Next, the infographic gives you our SWOT Analysis of blockchain technology.

This consists of four parts:

strengths,
weaknesses,
opportunities,
threats.

Each area has multiple points we believe are worth considering. Right after that, you learn about various other benefits of blockchain, including: reduced total cost of ownership, managing system-of-record sharing, clearing and settling transactions faster, and creating self-describing electronic transactions.

Furthermore, we expand on the efficiency, auditability, traceability, transparency, and security that blockchain tech can bring to a business that decides to adopt it.

Then, you’ll learn various facts and numbers about blockchain, including:

global spending on blockchain solutions in 2018;
the increase of blockchain-related LinkedIn job postings since last year;
the importance of 2018 in this field – according to research manager at the IDC;
the percent of senior IT leaders who have clear and current plans to implement blockchain technology – according to IDG Connect research;
the percentage of the expansion of the blockchain space every year to 2022 – according to a Netscribes prediction;
the size of the entire cryptocurrency market at the end of 2017.

You’ll also be treated to a graph from CB Insights on increasing investments in blockchain, from Q3 of 2016 to Q4 of 2017.

Finally, we expand on 5 potential future uses of blockchain technology, including: music, books, & movies; contract execution; reducing identity theft; governance; and real estate.

Hope you enjoy the infographic below.
The Cyberius team.