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Blockchain technology is becoming a more well-known area in the technology space thanks to its crucial role in cryptocurrency systems, like Bitcoin, as it keeps a secure and decentralised record of transactions.
What blockchain brings is the chance to guarantee the fidelity and security of a record of data and generates trust without the need for a trusted third party.
However, it is not all positive, as the economist Nouriel Roubini explains.
"As for the underlying blockchain technology, there are still massive obstacles standing in its way, even if it has more potential than cryptocurrencies," said Roubini.
"Chief among them is that it lacks the kind of basic common and universal protocols that made the Internet universally accessible.
"More fundamentally, its promise of decentralised transactions with no intermediary authority amounts to an untested, Utopian pipedream. No wonder blockchain is ranked close to the peak of the hype cycle of technologies with inflated expectations.
"So, forget about blockchain, Bitcoin and other cryptocurrencies and start investing in fintech firms with actual business models, which are slogging away to revolutionise the financial-services industry. You won't get rich overnight; but you'll have made the smarter investment."
Disadvantages of blockchain
Some of the reasons that there is some hesitation towards blockchain, as blockchains use excessive energy. Another is that it is not a hugely distributed computing system.
There is also the fact that mining does not offer network security, and blockchain entries are not forever lasting and are not immutable.
One of the notable weaknesses of blockchain is scalability, while blockchain is not indestructible.
The anonymous and open nature of blockchains is not an asset, and proof of work is overkill.
Lastly, blockchain can lead to complexity, and it can also be horribly inefficient.
