Blockchain Myth vs Reality - Guide for Beginners

Myth and Reality of Blockchain Technology 

Decentralized Technology has proved to be of great value to Blockchain cryptocurrency, which has the potential to revolutionize almost every industry and people are adopting it with great extend. However, many myths surrounding what technology really is and how it works are preventing businesses from understanding its potential effects and applications. This not only help in poor investing capacity, but also in downfalling of this innovative Technology.

I would like to draw some attention to Misunderstandings and Excessive Expectations of the Blockchain that we must understand and realize for better development. As, these Myth create a deep impact on peoples mind which completely distract them from investing in Blockchain Technology. People needs to educate themselves with the reality of this Technoloy which help them in understanding Pros and Cons of it. Some of the basic misconcepts are: 

1. Myth

 Blockchain is bitcoin

    Reality

Bitcoin is just one cryptocurrency application of the Blockchain.

Blockchain technology can be used and configured for several other applications.

2. Myth

Blockchain is better than traditional databases

    Reality

The advantages of Blockchain come with significant technical trades, which means that traditional databases often perform better.

Blockchain is especially valuable in low-trust environments where participants cannot trade directly or lack an intermediary.

3. Myth

Blockchain is immutable / Tamper proof

    Reality

The Blockchain data structure is append only, so the data cannot be deleted.

Blockchain can be tampered with if more than 50% of network computing power is handled and all previous transactions are rewritten which is largely impractical.

 4. Myth

Blockchain is 100% secure

  Reality

The Blockchain uses immutable data structures, such as protected cryptography.

Overall the security of blockchain systems depends on adjacent applications that have been attacked and breached.

5. Myth

Blockchain is a truth machine

    Reality

The Blockchain can verify all transactions and data completely and native to the blockchain.

The Blockchain cannot assess whether the external input is true or true, or it applies to all chain assets within the node and is digitally represented on the Blockchain in the respected network.

6. Myth

Blockchain is a Supercomputer

   Reality

Blockchain is not any Supercomputer, its a Technology which was created as an alternative for cntalized server. 

It was basically created during the course of Bitcoin development which support cryptocurrency to trade on internet platform in a decentralized and transparent way.

7. Myth

Blockchain is only limited to Cryptocurrency and related Transaction.

   Reality

Blockchain Technology is not only limited to cryptocurrency, it is deployed or implemented to varieties of sectors in a proactive manner.

         

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