Blockchain is the newly emerging phenomenon in the world of technology, expected to revolutionize the conventional ways of business. However, as the technology is growing to become known by people, there are many myths revealed about it.
The first and most common misunderstanding that has been found regarding the blockchain technology is people considering it same as bitcoin, and also that cryptocurrency is its only application, whereas blockchain is not all about bitcoin or cryptocurrency isn’t blockchain’s only application.
Another myth about the blockchain is that the information which is present there isn’t public, while the truth is that all the pieces of information that are put on blockchain are transparent and traceable and can be viewed by the public. Along with this the commonly mistaken idea people have about the usage of blockchain is that its limited to the industry of finance, however, the industries that blockchain caters are many like healthcare, logistics, insurance and more. It is also believed that the transactions made with blockchain are all anonymous, whereas blockchain keeps track of every single transaction that’s being processed through it.
While there is no doubt that blockchain has innumerable applications, the technology became popular because of its function as cryptocurrency’s underlying technology. The same fact infused much confusion in the minds of people who began considering blockchain as volatile as cryptocurrencies, whereas the truth is that blockchain is just a technology which needs to be exploited at the maximum of its potential for best use.
Besides, some illogical beliefs about blockchain, one commonly heard myth is that its application cryptocurrencies are only used by criminals, while in reality, cryptocurrencies are widely used by law-abiding citizens that believe in rules and regulations and follow them.
Followed by these common misconceptions, there are these myths stating that coins in cryptocurrencies and tokens are both the same things, while the two are absolutely different things. Its also said that cryptocurrencies are different from other currencies which is also not true as cryptocurrencies work the same way as conventional currencies, the only difference is that these are the digital version of the traditional currencies.
These common myths tell us how much a technology which is still in the nascent stage has been misunderstood, but a little clarification can drive out the elements of confusion from it and focus on the positive aspects of the blockchain technology.
Infograhic by: Pacsquare Technologies
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<strong>Infographic by- <a href=http://www.pacsquare.com/>Pacsquare Technologies – Blockchain service providers</a></strong>