Blockchain Challenge
In considering blockchain as a large system, users should be aware that it can be vulnerable to unexpected failures. Blockchain persistence can be a barrier. For example, if unwanted, fake, or illegal content is accidentally or maliciously added to the blockchain, it cannot be removed. There is also a lack of talent with blockchain skills. Implementing blockchain in an educational environment has its own challenges: difficulty changing established systems, legal questions about data ownership, storage space limitations, and privacy protection. The slow speed and more specifically the high energy costs of creating and maintaining blockchains are also a concern.
Sedlmeir et al. (2020) argue that this is not a given and can be overcome by a compromise between performance, security, and energy consumption. Although there is evidence that institutional blockchains consume more energy than centralized systems, private blockchains consume “many orders of magnitude less than cryptocurrencies” (Sedlmeir et al., 2020). Sedlmeir et al. argue that the additional energy costs of switching to blockchain from centralized applications are not excessive. Compared to cryptocurrencies, blockchain energy consumption is negligible. However, there is a lack of useful blockchain applications that can be adopted or adapted for specific uses. Additionally, with blockchain, there is a real risk of regulatory intervention by governments, and hacking by unauthorized individuals and organizations.
