What Is a Blockchain?

A blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format.

Swot Analysis of Blockchain

Strengths

1)Network Decentralization :In blockchain, decentralization refers to the transfer of control and decision-making from a centralized entity (individual, organization, or group thereof) to a distributed network. Decentralized networks strive to reduce the level of trust that participants must place in one another, and deter their ability to exert authority or control over one another in ways that degrade the functionality of the network. 

2)Data Transparency :Enabling transparency of information is one of the biggest promises of blockchain technology, which provides a fully auditable and valid ledger of transactions. Blockchain is supposed to be a transparency machine in which anyone can join the network and, as a result, view all information on that network.Blockchain safeguards transparency by storing information in such a way that it cannot be altered without recording the changes made. 

3)Robust Architecture :BlockChain brings a lot of benefits, yet still several challenging issues of security, storage and privacy are being faced.

4) Autonomous Network :A decentralized automation tool, powering Web3 application buidlers/developers with on-chain conditional execution. Autonomy Network allows any developer to automate any action in the future under any condition.

5) Speedy Data Access : People can reach very fast and easily to their data thanks to blochain.

6)Availability of data on distributed ledger : A distributed ledger gives control of all its information and transactions to the users and promotes transparency. They can minimise transaction time to minutes and are processed 24/7 saving businesses billions. The technology also facilitates increased back-office efficiency and automation. 

Weakness

1)Lack of Scalability :  The  scalability problem refers to the limited capability of the network to handle large amounts of transaction data on its platform in a short span of time.

2)Poor User Experience : Since blockchain is still a relatively new concept, there are bound to be plenty of inexperienced, cautious users. As interest increases, users with varying levels of technical and blockchain knowledge will take a leap into this space. 

3)Blockchain Interoperability Issues : blockchain interoperability may be defined as the ability to see, access, and share information across different blockchains or blockchain networks. Many blockchain projects want to implement interoperability to make their process easier and more transparent. Also, implementation of this process will increase the communication rate of their blockchains.Reverse flow of blockchain is not possible.Interoperability is not possible between two different networks.Highly restricted.

4) Storage Capacity : Blockchain storage is a way of saving data in a decentralized network, which utilizes the unused hard disk space of users across the world to store files. The decentralized infrastructure is an alternative to centralized cloud storage and can solve many problems found in a centralized system. As the number of users grows, the number of operations that will be integrated into the blocks to be stored will also grow, so the space required will also have to increase inside the miners’ computers, eventually exceeding the capacity of the hard disks. 

Opportunities 

1)Cost efficiency : The decentralized nature of Blockchain, allows for the validation of person-to-person transactions quickly and securely. Eliminating the need for an intermediary reduces costs for users. 

2) Elimination of Third Part Trust: It can even help to minimize the trust required of ecosystem participants of these intermediaries in any number of ways 

3)Reduced risk of fraud : Blockchain could provide the fraud prevention capabilities these businesses are looking for. 

Threats 

1)Hesitant Adoption of Technology : High Cost, Fear of Failure, Lack of Technology Exposure.

2) Prone to Security Attacks:an attempt to gain unauthorized access to an organization’s network. This is very big problem for blockchain.

3)Reduced Employment in Various Sectors :If the people or companies  accept this technology, they can fire people who work for them.