7 Myths That Are Fueling The Fad Of Blockchain!
Blockchain has always been in the limelight because of various reasons and the rise in prices and its umpteen uses being few of them. Blockchain comes with a time-stamping of multiple layers to offer secure and immutable transactions.
But, while the technology is new and growing, there are many things hidden under the hood. There are myths and misunderstandings that are fueling the blockchain buzz. Read on below to find what they are:
Myth: Blockchain Will Remain Stable
Fact: you can’t say! Blockchain is not as scalable as other conventional or non-conventional transaction methods. But, it is scalable for some specific kind of transactions which give small payloads of upto certain specified limit. In simpler words, you can’t rely completely on blockchain for information.
Myth: Blockchain Is Same As Bitcoin
Fact: No! while the prime technology behind the bitcoin is blockchain, it still lacks similarity. Blockchain is not as popular as bitcoin, and people also get confused about it. Also, bitcoin is a cryptocurrency that you can easily exchange between the two people.
However, blockchain only allows for peer-to-peer transactions. These transactions are recorded on a distributed ledger on a specific network. You can easily read more about the bitcoin code and how the transaction works.
Myth: It Is Completely Safe And Secure
Fact: While the technology is completely based on the cryptographic standards and touted as the safest, the tricks that make sure that fraud and privacy are not in the blockchain. This is the reason why security standards are only understandable by experts.
Further, blockchain also guarantees the integrity and authenticity of all standards, but you cannot completely rely upon it. You need to rely on the companies who are keeping your private information in the blockchain are trustworthy or not.
Myth: Information Present On The Blockchain Is Not Public
Fact: one of the most popular misconceptions about blockchain is that it is not public. But, the fact is you can have complete control over the activities on the blockchain. There isn’t any secret and criminology that is linked with this.
Myth: The Transactions In The Blockchain Are Hidden
Fact: This is another misconception that is fueling the blockchain that all the transactions are hidden and completely anonymous.
However, the fact is bitcoin is more like a public ledger, which contains all the information about how much data is sent from one address to another.
Myth: Blockchain Can Be Used For Everything
Fact: While the blockchain technology is quite popular, it still lacks many things, and you cannot use it for everything. Some people also think that the blockchain technology is linked with mathematics only and there’s no link with the government. You can use it for many complex and technical transactions, but it is still far from the mainstream transactions.
Myth: Blochchainis Only Used In The Financial Sector
Fact: While the blockchain has been used the most in the financial sector, it’s not the only sector where the technology is using. Healthcare, personal care, real estate are some other areas benefiting from the blockchain.
With all the myths debunked, you might have come to know that the blockchain is a game-changer.