Common myths about Blockchain
Blockchains are now on everyone's lips. If you read our previous research on this topic, you should understand what the advantages of the technology are and how promising it is. However, only a handful of people are brave enough to start working with it. Why? It can be explained with the prejudices which come to mind every time we hear about Blockchains. It's high time to dot the t's and cross the i's. Let's get over all the myths about Blockchain to understand what blockchain potential applications we can use.
Common beliefs about Blockchains
There is only one Blockchain
For those people who have just started figuring out what Blockchain is, it may seem like there is only one unique Blockchain platform. In fact, there are lots of blockchains. Each has its own differences due to the purpose it has to serve. Which means that you can apply blockchain for small business too. For instance, Bitcoin uses public blockchains and half-public platforms which have some access limitations. For the most complicated tasks, there are private systems open only for very few members.
Blockchains are absolutely secure
Yes, blockchains were created to provide users with a new level of security because of its distributed structure. Customers tend to believe that the system is impossible to crack. It is not true. There is no 100% secure system in the world. But the fact of hacking will be recorded and it wouldn't go unnoticed.
Blockchain is open for everyone
Blockchain is an open database where all members have access to it. It is the basis of Blockchain. But, as we've already mentioned, access can only be given to the stakeholders. Moreover, a private blockchain can be built on top of a public blockchain, providing access only to those users who need it.
Blockchains are only used by criminals
This myth is more connected with cryptocurrencies. Bitcoin is considered to be untraceable and therefore is used only on the black market. However, this is not true. As you remember, Blockchain records all actions and no one can delete this data. Along with all that, the transaction can be tracked back once a customer has cashed out cryptocurrency.
Blockchains cannot be used for business
Many people simply don't understand what the nature of Blockchains is that's why it is difficult for them to imagine what are blockchain applications. In plain English, Blockchains were created to protect blocks of data, verify information and record all actions. From this point of view, Blockchain is an irreplaceable technology for any sphere with sensitive data.