Blockchain Advisory Council assembled the myths prevailing in the minds of the general public about blockchains and have managed to share the factual information about the blockchain network. Ubiquitous fallacies about the blockchain are the network not efficient, blockchains are expensive, and the list goes on.
The article will enlighten the general myths about blockchains among people. Facts are also jotted down to avoid scepticism and suspicions!
Myth # 1
Bitcoin and Blockchain are One And The Same Thing
Bitcoin is one of the services provided by blockchain networks to users worldwide. Bitcoin was introduced to the world in 2009. It involves the use of blockchain technology. Bitcoin is actively utilized by the numerical majority in many parts of the world.
Myth # 2
Data In Blockchain Is Not Confidential
Most young minds have become victims of the misconception that anyone can view data available on the blockchain network. The truth is the general public can only view the financial details. The personal information of the consumers is kept confidential. To experience the truth, you can give the network a try; there are many of them available 24/7. For example, https://getblock.io/.
Myth # 3
Hackers Can Not Attack the Network
Nothing in the world is perfect, but there are things of high quality which aims at giving special benefits to the users. The same goes for blockchain networks. Blockchain data is secured and end-to-end encrypted, quite difficult for hackers to access the data. But the system is not 100 per cent accurate, but still much secure.
Myth # 4
Popular Industries Do Not Adopt Blockchains
It is reported that more than 500 commercial industries have shifted to blockchain networks. For instance, the pharmaceutical industry for keeping records of medicines and drugs, banking system for keeping records of transactions, deposits and withdrawals, etc.
Myth # 5
Blockchain Network Is Revolutionary
Numerical preponderance speculates that blockchain network is a revolution. It is 100 per cent fraud-free. The genuine truth is blockchains do lessen the gravity of fraudulent activities, but they can not eradicate the fraud from this world. Here or there, systems will cheat and cause corruption.
Myth # 6
Blockchain Facilitates Anonymous Payments
The aforementioned statement is slightly exaggerated when mentioning the blockchain network. Blockchains do not expose the person’s name who has made the transaction. Instead, the person’s name is replaced by a wallet number. Newcomers often speculate blockchains can bring about anonymity in transactions which is not accurate.
Myth # 7
Blockchain is Synonymous with Cryptocurrency
Cryptocurrency is not a blockchain. It is one of the applications of blockchain technology. Cryptocurrency refers to the concept of digital currencies that do not have any intermediaries, and local governments lack control over the currency. In contrast, blockchains provide steady and smooth records of transactions.
Blockchain does have bundles of benefits for potential consumers. Blockchain network is less time-consuming, efficient, end-to-end encrypted, validated and secure than traditional networks in the same field. Suppose you are looking for the services provided by blockchain or are eager to give the network a try. In that case, you can contact many companies like https://getblock.io/ that are 24/7 available, offering instant replies and guiding beginners and newcomers!