Debunking Top 05 Blockchain Myths! #Series 001
“BLOCKCHAIN,” a globally popular topic, has received many incorrect perceptions and fostered myths in the minds of users. Let us pour some light on debunking those myths and understand the factual conclusions behind each.
The world of cryptocurrency is very huge and the bubble is ever-expanding. With so many new features being added and brands joining together, it is obvious for misconceptions to take place.
It is difficult to distinguish between fact and fiction when so many tall tales are floating around the internet, especially in a dynamic environment where new ideas are constantly spreading.
This blog is specially curated to debunk the series of Myths across the globe prevailing to blockchain. We shall examine and explore five of the most common misconceptions about blockchain’s origin, uses, and potential.
01. The blockchain is the same as Bitcoin :
Since the launch of bitcoin in 2009, many individuals believe that blockchain is the same thing as bitcoin. Even in recent times the newcomers use these two words as synonyms interchangeably. Well, to bring this to everybody’s attention, Blockchain is not the same as bitcoin.
Bitcoin, being the first digital currency issued, holds altogether different utilities. Bitcoin is built on blockchain, but Bitcoin is not blockchain itself. A blockchain’s so-called blocks contain information about a transaction, such as the amount of cryptocurrency involved, the date and time of the transaction, and the type of transfer. By cryptographically connecting each block to the previous one, a chronological chain of data has been created.
02. Blockchains are costly and insufficient :
Well, there has been a lot of debate carried on over this topic and both the proponents can go on for hours to prove their side of the stance correct. However, this myth is majorly false. As the cost and expense of the blockchain depends on the size it operates on.
A permissioned blockchain, for instance, is supposed to be both cost-effective and energy efficient compared to alternative blockchains that do not use permissions.
03. All data put on blockchain is public :
Although a blockchain shows all the data publicly and the transactions are recorded transparently, it does not mean that any individual can get hold of your personal information and commit fraudulent activities with it.
Addresses visible publicly are denoted by special characters, which have no bearing on the identity of the owner.
Likewise, a document may be stored in a traditional cloud with a hash that is unconnected to the document in the cloud, so other users would receive no benefit from it.
04. Working with blockchain requires an advanced degree:
It is a fabrication. In order to fully utilize or develop blockchain technology, there is a huge raft of tools available on the market to assist in taking advantage of the technology. Moreover, some blockchains let you develop applications in almost any coding language utilized today.
05. No enterprise is accepting the use of blockchain:
The biggest myth spread by uninformed and less aware folks. Blockchain technology has been the subject of massive investment for two years now. Several large companies and groups have found ways of investing in blockchain technology as well as making use of every aspect of it.
Fortune 500 companies across all sectors including banking, fintech, pharmaceutical, technology, agriculture, retail, and more are driving blockchain development.
By gaining knowledge of the technology, users can have greater confidence in the technology and be more inclined to adopt cryptocurrencies and blockchains in large numbers. The blockchain is here to stay and will improve various aspects of the world in the same way that the internet and other technological revolutions have done in the past.
Share the same with your tech-savvy mates and loop them in while we come again with a new series of #debunking blockchain myths.
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