Scalability and energy consumption are key challenges facing blockchain technology from "summary" of Blockchain Technology Explained by Alan T. Norman
Scalability is a major concern in the world of blockchain technology. As the number of users and transactions increases, the strain on the network also grows. This can result in slower transaction times and higher fees, making the system less efficient and less attractive to users. Furthermore, the energy consumption of blockchain technology is another significant issue. The process of mining cryptocurrencies requires a huge amount of computational power, which in turn requires a significant amount of energy. This has led to concerns about the environmental impact of blockchain technology, as well as the sustainability of the system in the long run. Both scalability and energy consumption are key challenges that need to be addressed in order for blockchain technology to reach its full potential. Without solutions to these issues, the technology may struggle to gain widespread adoption and acceptance. It is crucial for developers and industry leaders to work together to find ways to improve the scalability and energy efficiency of blockchain technology, in order to ensure its continued growth and success in the future.
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