Common Myths and Misconceptions About Blockchain
With the popularity of blockchain technology rising, there comes many misconceptions or myths. Today Jai Infoway will explain your misconception & myths about Blockchain.
Some of the most common blockchain myths and misconception are:
Blockchain & Bitcoin is same:
The myths is that blockchain is bitcoin. But the facts is blockchain and Bitcoin are two separate entities. Bitcoin is a cryptocurrency, while blockchain is a distributed database that records a digital transaction.
The Blockchain is a single entity:
It is always a belief that Blockchain is a single entity. But it has its independent existence. There are many blockchains; private business blockchains, like Hyperledger Fabric and open-sourced or public ones, like Ethereum, or Bitcoin.
Distributed Ledger Technology (DLT) and blockchain are synonymous:
Blockchain is generally considered a subcategory of DLT. If transactions are gathered into blocks that are cryptographic linked together and designed to produce immutable records, it’s considered to be a blockchain.
The Blockchain is for database storage:
This is a popular myth surrounding Blockchain. Many believe that Blockchain is a place for database storage. But is not true is the only one of the feature of blockchain.
Blockchain usage is free:
Creating a blockchain involves multiple computers solving mathematical algorithms to agree a final result which is difficult. Each block requires a lot of energy to solve, which can be a costly method.
Thus above are the some of the myths about blockchain technology, but it has the potential to greatly change the way you do business and benefit your organization.
If you want to transform your business using blockchain technology, Jai Infoway is here to help you.
Jai Infoway provides enterprise-class implementation solutions that utilize blockchain and adjacent technologies including distributed ledger systems and smart contracts
We work to advance decentralized web technology using blockchain as a service (BaaS) tools from IBM, Microsoft Azure, and Amazon Web Services (AWS)