Blockchain technology has undeniably captured the imagination of the tech world and beyond, offering the promise of decentralized, transparent, and tamper-proof systems. From its inception with Bitcoin to the development of smart contracts, non-fungible tokens (NFTs), and decentralized finance (DeFi), blockchain has been hailed as a groundbreaking innovation with potential applications in numerous industries.
But along with blockchain’s advantages come some significant challenges — and to reach its full potential as a game-changing technology, these issues will need to be overcome.
Let’s take a look at some of the most pressing problems facing blockchain today.
Blockchain networks can be slow and inefficient due to the high computational requirements needed to validate transactions. As the number of users, transactions, and applications increases, the ability of blockchain networks to process and validate them in a timely way becomes