Hello friend,
Greetings.

in case of loss of this private key all access to your blockchain account can be considered lost forever

The disadvantage stated above along side ignorance is among the reasons that have made people shy away from the use of blockchain. I just hope more modifications and review will be carried out in the future so as to provide a solution of this. Apart from the problem associated with blockchain, one can say that the advantages outweighs the disadvantages. Kudos!