Despite all its complexity, the potential of the blockchain as a decentralized form of record keeping is almost limitless. With greater user privacy, increased security, lower transaction fees, and lower error rate, blockchain technology also has some drawbacks. Pros of Blockchain: Improvement in verification through removal of human intervention Cost reduction by eliminating third party verification Decentralization makes it harder to confuse corruption Transactions are safe, private and efficient Transparent technology It provides an alternative to a banking system to secure personal information for citizens of countries with unstable or rudimentary governments. Cons of Blockchain: High tech cost of bitcoin mining Low number of transactions per second History of use in illegal activities Regulation