Blockchain technology and its common threats

Abstract

The work discusses technology such as Blockchain, which has become one of the most talked-about technologies in recent years. Blockchain is one of the loudest words in modern technology and gaining popularity every day. The application of the technology can be found in various fields and therefore the promise of the technology for the future is vast. This work will start by a brief explanation of what blockchain technology is. In addition, the scope of application of this technology. The work also will look into the threats that are out there and are making the technology of Blockchain venerable to the environment of modern-day. As with any new technology, Blockchain has its issues, some of them have a mild effect, and some are critical. Hence, understanding the common issues related to the Blockchain can be crucial when implementing the technology. This work will look at the common threats that the technology is facing today and are yet to be scoped when using it. The common threats can be classified into three main categories such as social threats, technological threats, and organisational threats. These categories cover issues like privacy, double spending, scalability and others. Nonetheless, the technology is well integrated into various fields