Exploring the Hazards of Embracing Decentralization in Blockchain

Blockchain technology's decentralized nature has garnered substantial attention for its potential to revolutionize various industries. However, this decentralized approach also introduces a range of risks that warrant meticulous examination. This paper conducts a comprehensive review of the potential hazards linked to a decentralized framework within blockchain technology, focusing on technical, economic, social, and environmental dimensions. By identifying and understanding these inherent risks, stakeholders can make informed decisions during the implementation and utilization of decentralized blockchain solutions, thereby ensuring the technology's responsible and sustainable deployment.