When it comes to technology, there are no limits but we must be aware of their risks because of the global usage.
Internet criminal is there and I don’t believe that the authorities could handle or manage it like they do with the criminals from the streets.
Also, some people in the blockchain tech industry have pointed out that the industry has become overhyped.!
Anyway, with the right and appropriate research and development, success and failure - we've learned the current issues of blockchains because of its:
Complexity
Blockchain industry involves an entirely new vocabulary.
Network size
Blockchains are not so much resistant and are defined as “antifragile”.
Transaction costs, network speed
Bitcoin recently has notable transaction costs, unlike the first years of its existence
Human error
There is always the possibility of human error.
Unavoidable security flaw
Security comes with bitcoin mining pools that are monitored closely by the community.
Politics
Politics is involved deeply in this industry, because blockchain protocols offer an opportunity to actually digitize governance models.
By some calculations, blockchain technology firms and companies can expect revenue to top $6 billion by 2020. Also, there are bad news … bad news are that actual earnings may be crippled or impacted if blockchain security vulnerabilities persist a sidenote to the conversation on distributed ledger technology. Security vulnerabilities (risks)? You are asking yourself “what security vulnerabilities”?
Endpoint Vulnerabilities - One of the most likely vulnerabilities with distributed ledger technology originates outside the blockchain itself
Vendor Risks - We might expect to see 3rd-party development with these 6 areas within the blockchain ecosystem:
Blockchain integration platforms
Payment processors
Wallets
Fintech
Blockchain payment platforms
Smart contracts
Untested at Full Scale - What happens at full scale? Well, mistakes are inevitable, and for those who make them then the price will be high, actually.
Lack of Standards and Regulation - One of the primary blockchain security issues and risks is the lack of regulation and standards. The lack of standard protocols means that blockchain developers can’t easily benefit from the mistakes of others.
Untested Code - For 8 years of Bitcoin history, blockchains are still heavily experimental.
Conclusion
Blockchain industry has proven itself robust and secure. But this doesn’t mean that there are not blockchain technology issues or problems that can affect the security of the entire ecosystem. That’s why you have to get a better knowledge and thus by to be well experienced in the tech area so that the material for blockchain to be surmountable.
