PROS & CONS
As we now know, blocks on Bitcoin’s blockchain store data about monetary transactions. Today, there are more than 10,000 other cryptocurrency systems running on blockchain. But it turns out that blockchain is actually a reliable way of storing data about other types of transactions as well.
Some companies that have already incorporated blockchain include Walmart, Pfizer, AIG, Siemens, Unilever, and a host of others. For example, IBM has created its Food Trust blockchain to trace the journey that food products take to get to their locations.
Banking and Finance , Healthcare, Supply Chains, Voting, Currency, Food production, Smart Contracts,Property Records,even Diamonds Precious can benefit from the Pros.
Improved accuracy by removing human involvement in verification
Cost reductions by eliminating third-party verification
Decentralization makes it harder to tamper with
Transactions are secure, private, and efficient
Provides a banking alternative and a way to secure personal information for citizens of countries with unstable or underdeveloped governments
But there are Cons.
Significant technology cost associated with mining bitcoin
Low transactions per second
History of use in illicit activities, such as on the dark web
Regulation varies by jurisdiction and remains uncertain
Data storage limitations.
And the problems.
Blockchain and cryptocurrency technology brings major opportunities to offer new services and change business models. As blockchain evolves, the implementation of blockchain solutions will face many challenges with legal ramifications for businesses that execute these solutions for their suppliers and for their customers. Blockchain also provides the opportunity to develop a new class of assets, such assets, which can include digital representations of existing assets, such as stock or real estate maybe we could say real estate deed, as well as new forms of digital property, such as Cryptokitties we could replace the “NBA top Shop”. Tokens can provide “liquidity’ to assets such as such as real estate buildings and patents.
Accel Law’s Blockchain and Digital Assets team offers strategic advice on a global basis to direct the needs of companies implementing blockchain technology solutions and creating and establishing digital assets. We combine a world-wide network of attorneys with a diverse range of relevant practices (including securities, IP protection and licensing, commodities future trading regulations, privacy and money transmitter rules) to help companies take advantage of these new opportunities and attain their strategic goals through the use of blockchain.
We help technology clients and companies that use technology whether it is early-stage startups raising funds to build new blockchain technologies to companies implementing blockchain-based solutions. Accel attorneys provide sound advice on blockchain and digital assets in intellectual property licensing, intellectual property protection strategies, contract disputes to securities regulation litigation, corporate structuring, financial regulatory regimes, smart contracts, privacy regulation, startups, and token generation events.