Top Article Submission Site for 2021
  • Home
  • About Us
  • Article Writing
  • For Advertising
  • Submit Articles
  • Hire Author
  • Health & Fitness
  • Business Services
  • Finance Industry
  • Marketing
  • Diseases & Disorders
  • All Category

Author of the month

JV Jvauctions
[email protected]

Sponsor Ads

Video Articles Post

www.paincareclinic.in

Blogroll

Air Cleaner Air Conditioner Maintanance air conditioners Air Conditioning Unit air filter bankrupt bankruptcy Bankruptcy File Black Friday Business Management Business Marketing Business Website cheap web design Children Monitoring Competitive Intelligence Competitor Analysis Dog Behavoiur dogs dog training techniques Donor Egg Recipients egg donation Egg Donor Free Software Genetic Material Ill Mannered Dog Training Indian Classical Music Indian Culture Nature Versus Nurture Online Marketing Online Presence Parental Control pets Pharmaceutical Machinery Pharma Tablet Press Prons And Cons Of Bankruptcy Sitar Audio sitar music Sitar Vadan Sun Tzu Tableting Machine Teenagers Control Web Designers Web Page Designing Website Designing website marketing
Technology

20 Biggest Misconceptions People Have About Blockchain

by RWaltz January 28, 2020 No Comments


Do you think you know all about blockchain? You might be wrong. There are a few blockchain misconceptions people believe to be true. With the rising craze for blockchain technology, there come many misconceptions. Like any popular topic, reality can be missed or misunderstood which can deliver wrong facts.

Let’s have a look at the biggest misconceptions about blockchain technology!

  1. “Finance” is the only application of blockchain

Many people think that the power of blockchain is limited to cryptocurrency & finance companies. Forget thinking blockchain is used in only the finance sector. Each & every industry vertical can use this technology of distributed ledgers.

The entire health care industry can be benefited by blockchain, using secured public ledger to cut off slow & old workflows. The real estate market is being disrupted by blockchain technology, by reducing the need for middlemen. This technology comes with countless applications.

  1. Blockchains are private

The blockchain used by Bitcoin is public. This feature allows anyone to check transaction activity, even by the government. So, if you believed that blockchain activities are not traceable, you’d be wrong.

  1. All Blockchains Are Public

There are some blockchains that are public but many are private. Open blockchains do not have centralized control. Though, private blockchains are controlled by its makers. Anybody can set up a private blockchain. These smaller chains require much less working power & are faster than public blockchains.

  1. Cryptocurrency = Bitcoin =Blockchain

Totally wrong! Blockchain & bitcoin was introduced at the same time, but they are not synonymous. Bitcoin is basically a digital form of money called cryptocurrency. Since its creation, different types of digital currencies have developed to take the benefit of trending technology. What they have in common is the technology – blockchain.

  1. The Blockchain can be used for anything and everything

For some, the Blockchain is a power attached to mathematics, not to the government or lawyers. In the minds of certain engineers, the Blockchain and smart contracts will one day replace money, legal advisors, and other arbitration bodies. However the code is restricted to the count of cryptocurrency transactions in the chain itself, and cryptocurrency is still a long way from standard.

  1. Tokens are nothing but coins

Coins are the first thing people think about, when blockchain technology comes into the picture, thanks to bitcoin. Coins are also referred as Initial Coin Offering (ICOs), which can hold only value like money. On the contrary, tokens can store more complex factors like income, utility, real estate property, etc. These factors make blockchain multipurpose.

  1. All Digital Ledger Technologies (DLT) are Blockchain

Blockchain & digital ledger technology are not the same. There exist many digital ledger technologies like Nano, Hashgraph& IOTA. There are many applications of digital ledger technologies other than finance as it has many forms.

  1. Blockchain and Bitcoin are used by criminals

As transactions on the blockchain are traceable, legit organizations or ordinary people use them to make fast transactions. It should not be linked to criminals or illegal activities. It is totally legal way of making transactions without the need for centralized authority.

  1. Blockchain is a lightweight technology

Blockchain is not lightweight technology as it requires huge computing power & energy to carry out its operations. Before, regular computers could be utilized for mining Bitcoin. But now with the advancement in blockchain, doing mining with regular computers with older graphics processing units is more wasteful.

  1. Blockchain requires no trust

While people who deal with blockchain technology acknowledge not having third party oversight, despite everything they should trust the other users & system. Trust amongst users & process allows blockchains to work.

  1. Crypto transactions are anonymous

Many people have falsely assumed that all crypto transactions & bitcoin are anonymous. Bitcoin is a public ledger that tracks each & every transaction. One can completely map the address of the owner with the help of exchanges.

  1. Blockchain will change everything about business transactions

Blockchain is considered as a technology that will change the way businesses store & manage transactions. Compare to the existing method, it is more process intensive &takes time to confirm the transaction. It is most useful where there is a need for security verification & immutable transaction records.

  1. Cryptocurrencies are volatile, so blockchain must be unreliable

This misconception comes from those who link the volatile nature of cryptocurrency with the credibility of blockchain. Blockchain is already on the verge to disrupt many industries beyond cryptocurrencies & will likely be the potential game-changer in the long run.14. Blockchain is just a storage mechanism

Most of the common misconception people have is blockchain is just a storage mechanism. But in reality, applications of blockchain are more than storing the data…

  1. There is only one blockchain

There are various technologies that come under the blockchain. They can be categorized as public and private versions, open and closed source, general-purpose or specific solutions. This misconception has winded down with the rising applications of blockchain beyond bitcoin.

  1. The blockchain is free

Regardless of common belief, blockchain is not cheap and not efficient to run yet. It uses multiple computers solving the mathematical problems to agree upon the final result, which turns out to be a single version of truth (SVT). Each block on blockchain utilizes a huge amount of computing power to solve. And one must pay for all this computing power in order to support blockchain service.

  1. Smart Contracts = Real World Legal Contracts

Smart contracts are not associated with real-world contracts. Smart contracts are nothing but a set of instructions set up by their creators. However, they can be utilized as proof of whether a specific task has been accomplished or not. Regardless of their questionable legal value, smart contracts are powerful assets, particularly when combined with the internet-of-things (IoT).

  1. Bitcoin is a collection of digital coins

Bitcoin isn’t a group of digital coins. A Bitcoin just exists as a part of the transactional record. However, your bitcoin wallet doesn’t really store digital coins.

A bitcoin wallet is basically a cryptographic key (address) and not a real store of bitcoins since bitcoins are simply a value-based record. So your bitcoin wallet won’t contain digital coins, rather your bitcoin wallet will essentially contain a cryptographic key that will enable nodes to validate that you can spend bitcoins as a part of a transaction.

  1. Blockchain is a database on the cloud

The blockchain is conceptually a fiat document; a linear record of transactions. The list is append-only which means entries in the list are never deleted, rather every entry is added indefinitely & must be duplicated on every node in the peer-to-peer network. Blockchain doesn’t contain any physical information such as word file or pdf.

  1. It’s too late to join the industry.

Just a little percentage of the world’s population is associated with cryptocurrency.

But many people feel the industry like a bubble which is already burst. They believe it’s too late to purchase bitcoin, rejecting it as “over and done with.”

The opposite is correct. Bitcoin is still in its beginning stages, much like the web before the browser wars of the 1990s. Instead, it’s a suitable time to get involved as there is more room to expand.

One thing’s for sure: it isn’t too late to join. You’ll simply need to pay more than pennies to get involved.

Conclusion

Now you’ve cleared out the misconceptions about blockchain, you’ll be better ready to make a decision about investing & utilizing this technology. You may even be less afraid to utilize this technology now than before! Feel free to share this with others who need to get rid of these misconceptions about blockchain technology.

  • Author
  • Recent Posts
rwaltzsoftware12@gmail.com'
RWaltz
RWaltz Group Inc. is a leading provider of Blockchain Application Development Services headquartered in Atlanta, GA-USA serving globally.
rwaltzsoftware12@gmail.com'
Latest posts by RWaltz (see all)
  • 20 Biggest Misconceptions People Have About Blockchain - January 28, 2020

RWaltz

rwaltzsoftware12@gmail.com'

RWaltz Group Inc. is a leading provider of Blockchain Application Development Services headquartered in Atlanta, GA-USA serving globally.

  • Previous Skilled App Developers in Various Technology3 years ago
  • Next Send Valentine’s flower arrangements and bouquets to the Philippines for Valentine’s Day3 years ago

Trending

  • Why Automated Business Continuity Planning is Necessary for Your Company
  • Automatic powder packaging technology benefits your business.
  • Fake GPS Location Changer Application

Category

Archives

  • Accounting
  • Acupuncture
  • Advertising Industry
  • Agriculture Industry
  • Aluminium Industry
  • Archaeology
  • Architectures And Design
  • Arts
  • Astrology
  • Astronomy
  • Auctions
  • Audio
  • Automobile Industry
  • Aviation Industry
  • Ayurveda
  • Banking Industry
  • Banking Services
  • Beauty Tips And Tricks
  • Bing-Fa
  • Biotechnology Industry
  • Biscuit Industry
  • Blinds & Window Treatments
  • Books
  • Business Services
  • Buyers
  • Cement Industry
  • Chemical Industry
  • Child Care
  • Chocolate Industry
  • Cleaning Services
  • Clinic Research
  • Coir Industry
  • Communication Industry
  • Computer Hardware
  • Computer Software
  • Construction Industry
  • Copper Industry
  • Cosmetic Dentistry
  • Cosmetic Industry
  • Cottage Industry
  • Cotton Industry
  • Countries
  • Crime
  • Crowd Control Belt
  • Dairy Industry
  • Dental
  • Dentist
  • Diamond Industry
  • Digital Marketing
  • Diseases & Disorders
  • Dowsing
  • Dyes Industry
  • Ecommerce
  • Ecommerce
  • Education
  • Electrical Industry
  • Electronic Industry
  • Email Marketing
  • Entertainment
  • Ethics
  • Fashion Industry
  • Feng Shui
  • Fertilizer Industry
  • Festivals
  • Film Industry
  • Finance Industry
  • Food Industry
  • Football Streaming
  • Furniture Industry
  • Gambling
  • Garment Industry
  • Granite Industry
  • Graphology
  • Grooming Tips & Trends
  • Health
  • Health & Fitness
  • Health Care Industry
  • Herbal
  • Home Decoration
  • Home Improvement
  • Home Loans
  • Home Services
  • Horology
  • Hotel Industry
  • Human Resource ( HR )
  • Hypnosis
  • Innovations ( R & D )
  • Insurance Industry
  • Interior Design
  • Internet
  • IT Industry
  • ITES (IT Enabled Services)
  • Jewellery Industry
  • Jobs
  • Jute Industry
  • Leather Industry
  • Legal
  • Life
  • Machinery Manufacturing
  • Management
  • Marketing
  • Mathematics
  • Mechanics
  • Metal Industry
  • Mining Industry
  • Mobile App
  • Mobile App Development
  • Music Industry
  • Mutual Fund Industry
  • Numerology
  • Oil & Gas Industry
  • Online Business
  • Online Marketing
  • Online Reputation Management
  • Packaging Industry
  • Paint Industry
  • Painting
  • Palmistry
  • Paper Industry
  • Pearl Industry
  • Performing Arts
  • Pets
  • Pharmaceutical Industry
  • Photography Industry
  • Plastic Industry
  • Poet
  • Political
  • Pollution
  • Poultry Industry
  • Power Industry
  • PR
  • Printing Industry
  • Prophecy
  • Railway Industry
  • Real Estate Developers
  • Real Estate Industry
  • Reiki
  • Relationships
  • Retail Industry
  • Rubber Industry
  • Sales & Marketing
  • Science and Technology
  • Security
  • Self Improvement
  • SEO
  • Shipping Industry
  • Shopping
  • Silk Industry
  • Soap Industry
  • Social Media
  • Social Media Networks
  • Software
  • Solar Industry
  • Spirituality
  • Sports & Recreations
  • Steel Industry
  • Stone Industry
  • Sugar Industry
  • Tea Industry
  • Technology
  • Telecom Industry
  • Television Industry
  • Textile Industry
  • Tobacco Industry
  • Tourism Industry
  • Toy Industry
  • Tractor Industry
  • Travel & Tourism
  • Turbine Industry
  • Uncategorized
  • Vastu Shastra
  • Video
  • Weaving Industry
  • Web Development
  • Web Development Company
  • Web Hosting
  • Wildlife
  • Writing and speaking
  • Yoga
  • Zinc Industry
2023 Netezine. All Rights Reserved.
  • Facebook
  • Linkedin