Modern Economic Nonsense — Decentralization may not work as everyone expects it would

When it comes to decentralization, most people agree that the more power a network has, the better for its users and other network participants. After all, a centralized system controls one or more individuals or organizations that can make decisions on behalf of everyone else. However, with the increasing use of blockchain technology and decentralized networks worldwide, we are seeing an increased push towards decentralization. While this is great news for many users who are cautious about centralized entities having too much control over their data and online activities, there are some potential pitfalls associated with decentralization. We have identified three pros and cons of decentralization that you should know before diving into this rapidly-developing space.

Decentralization may not be as safe as you think

Decentralized networks ensure that there is no single point of failure and that no one can tamper with the data being stored on the network. Both of these are critical for any organization or company to consider adopting blockchain solutions for their services and products. However, there have been instances where hackers have been able to breach decentralized networks and steal data. This is possible not only when the network is…