Debunking some general myths about #Blockchain
Vincent Panangadon
Co-Founder at Collaborators Creative | Ad Films & Video Content Specialist | Storytelling Enthusiast.
Blockchain is going through a phase where it is surrounded by myths and it will continue till a common man is not inducted to it.
No. 1 myth: There is only one Big Blockchain in the world
With so much talk around Blockchain people feel that there is only Blockchain, something like the internet. This is false. There are different types of Blockchain, each designed and created for different reasons. The most popular ones are Bitcoin and Ethereum but there are a lot of completely private networks that are operated in closed groups
No.2 myth: Blockchain can never be hacked
One general rule in technology is that, there are only two types of systems one which is hacked and other which will be hacked. So by this rule even Blockchain is not completely immune. But because they are more distributed and re-written more frequently it becomes more difficult to hack.
No. 3 myth: Blockchains is public, anyone can access it.
Some Blockchains are public, but that doesn’t mean everybody can access it. Access to a particular Blockchain will be assigned by agreeing mutually with the concerned parties
No. 4 myth: Blockchains have no business or commercial applications.
Blockchain is designed and created for secure blocks of information, verifiable data and permanent records. This can be used across various industries wherever a ledger needs to be maintained, which is practically all the industries.