Investigating the Failure of the Blockchain Technology and Suggested Recommendations

Abstract

The present study endeavors to undertake a comprehensive investigation of the shortcomings of Blockchain technology, while assessing its advantages and drawbacks. Blockchain is a type of Distributed Ledger Technology (DLT) that relies on a network of peers to achieve consensus. Furthermore, other DLTs with similar functions might offer more viable solutions to replace Blockchain. One of these alternatives is Hashgraph, which employs a unique mechanism to manage distributed ledgers, claiming to be faster, more secure, and impartial. As a result, a thorough comparative analysis was conducted between these two technologies to determine which would emerge as the dominant technology in the market. The fundamental features of DLTs include decentralization, security, transparency, and integrity, albeit not all DLTs possess the same structures or functionalities.