An Analysis of Blockchain and NFT Technologies and their Drawbacks

Abstract

Due to its qualities that offer unbreakable security and global accessibility, blockchain has grown to become one of the most widely used technologies today. Blockchain technology is revolutionizing the financial and banking sectors, but it isn't only the financial sector; the majority of companies that used online payment systems, faced an issue with transparency or wished to do away with the middleman and also wish to incorporate it. NFT is a further emerging technology that is seen as a subset of the blockchain (NFT stands for the non-fungible token). NFT is merely a digital token that is awarded to any original creation, such as a painting or a song and or a tweet. This study examines the drawbacks of blockchain and NFT as they are faced by several industries, including IoT, banking, music, agriculture, food and supplies, and healthcare.