Blockchain Myths Busted

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Blockchain Myths Busted
MichaelWuensch / Pixabay

There are many blockchain myths propelling the crypto industry and it helps to understand some of these closely.  Blockchain as a technology does hold great promise for the future though we should exercise caution on what is unique about this technology.  If such a uniqueness is not identified, the technology can potentially become obscure because of misguided pilots. Most blockchain companies that are making waves today are more focused on buying a business case than offering a solution. Nevertheless, as things stand today, blockchain technology has the potential to change our lives over the next two decades, similar to what internet has done in the past few decades. Some people even predict that blockchain could be bigger than the internet itself.

Some of the blockchain myths are distanced from facts

If we consider the basic technology around blockchain, the decentralized business ecosystem has many takers but many of these use cases would hinge on unique strengths offered by blockchain.  Distributed ledgers or blockchain provides a novel way of handling transactions virtually anywhere, with anyone, with confidence.  Attributes of nearly every description can be encoded such as value in the case of cryptocurrencies to nearly any digital record that is added to an immutable ledger across a network of computers. A major desirable fallout from this process is the elimination of middlemen saving not only costs, but also time.

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