{"id":2118,"date":"2019-12-06T02:26:40","date_gmt":"2019-12-06T02:26:40","guid":{"rendered":"http:\/\/kusuaks7\/?p=1723"},"modified":"2024-02-13T14:26:50","modified_gmt":"2024-02-13T14:26:50","slug":"twelve-myths-about-blockchain-technology","status":"publish","type":"post","link":"https:\/\/www.experfy.com\/blog\/fintech\/twelve-myths-about-blockchain-technology\/","title":{"rendered":"Twelve Myths about Blockchain Technology"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2118\" class=\"elementor elementor-2118\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"has_eae_slider elementor-section elementor-top-section elementor-element elementor-element-7f34ce31 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7f34ce31\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_eae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2847a9e5\" data-id=\"2847a9e5\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-882dedc elementor-widget elementor-widget-image\" data-id=\"882dedc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/2.bp.blogspot.com\/-wXRQSDheGfY\/WYvUy5xqpzI\/AAAAAAAAO4o\/QIvZvmPYAOQ-JaeABYWChRGGfENc53tlgCEwYBhgL\/s640\/2016-05-23-1464013391-401069-photodune6604606technologybackgrounddesignxl.jpg\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-726f70c elementor-widget elementor-widget-text-editor\" data-id=\"726f70c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div>Blockchain, the &#8220;distributed ledger&#8221; technology, has emerged as an object of intense interest in the tech industry and beyond. Blockchain technology offers a way of recording transactions or any digital interaction in a way that is designed to be secure, transparent, highly resistant to outages, auditable, and efficient; as such, it carries the possibility of disrupting industries and enabling new business models. The technology is young and changing very rapidly; widespread commercialization is still a few years off. Nonetheless, to avoid disruptive surprises or missed opportunities, strategists, planners, and decision makers across industries and business functions should pay heed now and begin to investigate applications of the technology.<\/div>\n<div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b969542 elementor-widget elementor-widget-text-editor\" data-id=\"b969542\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div>Blockchain is a database that maintains a continuously growing set of data records. It is distributed in nature, meaning that there is no master computer holding the entire chain. Rather, the participating nodes have a copy of the chain. It\u2019s also ever-growing \u2014 data records are only added to the chain.<\/div>\n<div>\u00a0A Blockchain consists of two types of elements:<\/div>\n<ul>\n \t<li>\u00a0\u00a0Transactions are the actions created by the participants in the system.<\/li>\n \t<li>\u00a0\u00a0\u00a0Blocks record these transactions and make sure they are in the correct sequence and have not been tampered with.<\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a4826fd elementor-widget elementor-widget-text-editor\" data-id=\"a4826fd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div>The big advantage of Blockchain is that it&#8217;s public. Everyone participating can see the blocks and the transactions stored in them. This doesn&#8217;t mean everyone can see the actual content of your transaction, however; that&#8217;s protected by your private key.<\/div>\n<div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0a1f922 elementor-widget elementor-widget-text-editor\" data-id=\"0a1f922\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div>A Blockchain is decentralized, so there is no single authority that can approve the transactions or set specific rules to have transactions accepted. That means there&#8217;s a huge amount of trust involved since all the participants in the network have to reach a consensus to accept transactions.<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fd741ca elementor-widget elementor-widget-text-editor\" data-id=\"fd741ca\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div>Most importantly, it&#8217;s secure. The database can only be extended and previous records cannot be changed (at least, there&#8217;s a very high cost if someone wants to alter previous records).<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-661e672 elementor-widget elementor-widget-text-editor\" data-id=\"661e672\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div>When someone wants to add a transaction to the chain, all the participants in the network will validate it. They do this by applying an algorithm to the transaction to verify its validity. What exactly is understood by &#8220;valid&#8221; is defined by the Blockchain system and can differ between systems. Then it is up to a majority of the participants to agree that the transaction is valid.<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d1a1d49 elementor-widget elementor-widget-text-editor\" data-id=\"d1a1d49\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div>A set of approved transactions is then bundled in a block, which gets sent to all the nodes in the network. They, in turn, validate the new block. Each successive block contains a hash, which is a unique fingerprint, of the previous block.<\/div>\n<div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f8a904 elementor-widget elementor-widget-image\" data-id=\"2f8a904\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/3.bp.blogspot.com\/-Nx9fuUBikq0\/WYvUs-OPBNI\/AAAAAAAAO4c\/2fJ1FhZ8knMzwLR5EXvm2p9a-KA-dXn8wCLcBGAs\/s1600\/advantages.png\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-080ef33 elementor-widget elementor-widget-text-editor\" data-id=\"080ef33\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tBlockchain ensures that data has not been tampered with, offering a layer of timestamping that removes multiple levels of human checking and makes transactions immutable. However, it isn\u2019t yet the cure-all that some believe it to be.\u2019\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-641cccf elementor-widget elementor-widget-text-editor\" data-id=\"641cccf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThere are three types of Blockchains:\n<ul>\n \t<li><strong>Public:<\/strong>\u00a0a public Blockchain is a Blockchain where everyone can see all the transactions, anyone can expect their transaction to appear on the ledger and finally anyone can participate to the consensus process.<\/li>\n \t<li><strong>Federated:<\/strong>\u00a0federated Blockchain don\u2019t allow everyone to participate to the consensus process. Indeed, only a limited number of nodes are given the permission to do so. For instance, in a group of 20 pharmaceutical companies we could imagine that for a block to be valid, 15 of them have to agree. The access to the Blockchain however can be public or restricted to the participants.<\/li>\n \t<li><strong>Private:<\/strong>\u00a0private Blockchains are usually used inside a company. Only specific members are allowed to access it and carry out transactions.<\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d615f39 elementor-widget elementor-widget-image\" data-id=\"d615f39\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/3.bp.blogspot.com\/-PcYrk4RN3Mc\/WYvUv6CDLOI\/AAAAAAAAO4g\/qePyYZbrq0Mr7eb984LzpvLpSudeT4UCwCEwYBhgL\/s1600\/Typese.jpg\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b2c8d8e elementor-widget elementor-widget-text-editor\" data-id=\"b2c8d8e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tBlockchain technology certainly has many positive aspects, but there is also much misunderstanding and confusion regarding its nature.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-950f2b1 elementor-widget elementor-widget-heading\" data-id=\"950f2b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3><strong>Myth # 1: The Blockchain is a magical database in the cloud<\/strong><\/h3>\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a42ff7e elementor-widget elementor-widget-text-editor\" data-id=\"a42ff7e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThe Blockchain is conceptually a flat file \u2013 a linear list of simple transaction records. \u201cThis list is \u2018append only so entries are never deleted, but instead, the file grows indefinitely and must be replicated in every node in the peer-to-peer network\u201d. Blockchain doesn\u2019t allow you to store any type of physical information like a Word document or a pdf file. It can only provide a \u201cproof-of-existence\u201d the distributed ledger can only contain a code that certifies the existence of a certain document but not the document itself. The file however can be stored in \u201cdata lakes\u201d, the access to which is controlled by the owner of the information.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f31b1d8 elementor-widget elementor-widget-heading\" data-id=\"f31b1d8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3><strong>Myth #2: Blockchain is going to change the world<\/strong><\/h3>\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-508d560 elementor-widget elementor-widget-text-editor\" data-id=\"508d560\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div>We can use Blockchain for complex and technical transactions \u2013 such as verifying the authenticity of a diamond or the identity of a person. There is also talk of a Blockchain application for the bill of lading in trade finance, which would be revolutionary in terms of cost reduction and transaction speed.<\/div>\n<div>While Blockchain can support these cases and mitigate the risk of a fraudster tampering with the ledger, it does not eradicate the threat of fraud online and it still raises questions over confidentiality. Additionally, the use of Blockchain technology will still be inefficient for many of these cases when compared to maintaining a traditional ledger.<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2dbb4f3 elementor-widget elementor-widget-heading\" data-id=\"2dbb4f3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3><strong>Myth #3: Blockchain is free<\/strong><\/h3>\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-33b7a72 elementor-widget elementor-widget-text-editor\" data-id=\"33b7a72\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div>Despite the commonly held belief, Blockchain is neither cheap nor efficient to run \u2013 yet. It involves multiple computers solving mathematical algorithms to agree a final immutable result, which becomes the so-called single version of truth (SVT). Each \u2018block\u2019 in the Blockchain typically uses a large amount of computing power to solve. And someone needs to pay for all this computer power that supports the Blockchain service.<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-af23816 elementor-widget elementor-widget-heading\" data-id=\"af23816\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3><strong>Myth #4: There is only one Blockchain<\/strong><\/h3>\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ca58d2a elementor-widget elementor-widget-text-editor\" data-id=\"ca58d2a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThere are many different technologies that go by the name Blockchain. They come in public and private versions, open and closed source, general purpose and tailored to specific solutions. Common denominator is that they are shore up by crypto, are distributed and have some form of consensus mechanism. Bitcoin\u2019s Blockchain, Ethereum, Hyperledger, Corda, and IBM and Microsoft\u2019s Blockchain-as-a-service can all be classified as Distributed Ledger Technologies.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e2f2dd6 elementor-widget elementor-widget-heading\" data-id=\"e2f2dd6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3><strong>Myth #5:\u00a0<strong>The Blockchain can be used for anything and everything.<\/strong><\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-15e2ed3 elementor-widget elementor-widget-text-editor\" data-id=\"15e2ed3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThough the code is powerful, it&#8217;s not magical. Bitcoin and Blockchain developers can be evangelical, and it&#8217;s easy to understand why. For many, the Blockchain is an authority tied to mathematics, not the government or lawyers. In the minds of some developers the Blockchain and smart contracts will one day replace money, lawyers, and other arbitration bodies. Yet the code is limited to the number of cryptocurrency transactions in the chain itself, and cryptocurrency is still far from mainstream.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8e3deed elementor-widget elementor-widget-heading\" data-id=\"8e3deed\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3><strong>Myth #6:\u00a0<strong>The Blockchain can be the backbone of a global economy.<\/strong><\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8d9e422 elementor-widget elementor-widget-text-editor\" data-id=\"8d9e422\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tNo national, or corporate entity owns or controls the Blockchain. For this reason, evangelists hope private Blockchains can provides foundational support for dozens of encrypted and trusted cryptocurrencies. Superficially, the Bitcoin Blockchain appears massive. Yet\u00a0<a href=\"https:\/\/www.gartner.com\/doc\/3278917\/bitcoin-blockchain-magic-myths\" class=\"broken_link\" rel=\"noopener\">a Gartner report<\/a>\u00a0recently claimed the size of the Blockchain is similar in scale to the NASDAQ network. If cryptocurrency takes off, and records are generated larger, this may change. For now, though, the Blockchain network is roughly analogous to contemporary financial networks.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9334eb2 elementor-widget elementor-widget-heading\" data-id=\"9334eb2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3><strong>Myth #7:\u00a0<strong>The Blockchain ledger is locked and irrevocable.<\/strong><\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5870548 elementor-widget elementor-widget-text-editor\" data-id=\"5870548\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tAnalogous large-scale transaction databases like bank records are, by their nature, private and tied to specific financial institutions. The power of Blockchain, of course, is that the code is public, transactions are verifiable, and the network is cryptographically secure. Fraudulent transactions\u2014 double spends, in industry parlance\u2014are rejected by the network, preventing fraud. Because mining the chain provides financial incentive in the form of Bitcoin, it is largely believed that rewriting historic transactions is not in the financial interest of participants. For now, However, as computational resources improve with time, so too does the potential for deception. The impact of future processing power on the integrity of the contemporary Blockchain remains unclear.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ffede26 elementor-widget elementor-widget-heading\" data-id=\"ffede26\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3><strong>Myth # 8: Blockchain records can never be hacked or altered.<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f51116a elementor-widget elementor-widget-text-editor\" data-id=\"f51116a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tOne of the main selling points about Blockchains is their inherent permanence and transparency. When people hear that, they often think that means that Blockchains are invulnerable to outside attacks. No system or database will ever be completely secure, but the larger and more distributed the network, the more secure it is believed to be. What Blockchains can provide to applications that are developed on top of them is a way of catching unauthorized changes to records.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a953bb4 elementor-widget elementor-widget-heading\" data-id=\"a953bb4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3><strong>Myth # 9: Blockchain can only be used in the financial sector<\/strong><\/h3>\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8abc77a elementor-widget elementor-widget-text-editor\" data-id=\"8abc77a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tBlockchain started to create waves in the financial sector because of its first application, the bitcoin cryptocurrency, which directly impacted this field. Although Blockchain has numerous areas of application, finance is undeniably one of them. The important challenges that this technology brings to the financial world pushed international banks such as Goldman Sachs or Barclays to heavily invest in it. Outside the financial sector, Blockchain can and will be used in real estate, healthcare or even at a personal scale to create a digital identity. Individuals could potentially store a proof-of-existence of medical data on the Blockchain and provide access to pharmaceutical companies in exchange for money.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6a68783 elementor-widget elementor-widget-image\" data-id=\"6a68783\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/1.bp.blogspot.com\/-0pzEZk5PP5k\/WYvUxSW_YFI\/AAAAAAAAO4k\/uPIppqRw52gRXDvZdA93QMzbJNjVckgTQCEwYBhgL\/s1600\/applications.jpg\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a83a5cb elementor-widget elementor-widget-heading\" data-id=\"a83a5cb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><h3><strong>Myth # 10: Blockchain is Bitcoin<\/strong><\/h3><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7815ae5 elementor-widget elementor-widget-text-editor\" data-id=\"7815ae5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tSince\u00a0<a href=\"https:\/\/www.linkedin.com\/pulse\/20140403055037-246665791-bitcoin-accepted-here?trk=mp-reader-card\" rel=\"noopener\">Bitcoin<\/a>\u00a0is more famous than the underlying technology, Blockchain, many people get confused between the two.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3507bc1 elementor-widget elementor-widget-text-editor\" data-id=\"3507bc1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tBlockchain is a technology that allows peer-to-peer transactions to be recorded on a distributed ledger across the network. These transactions are stored in blocks and each block is linked to the previous one, therefore creating a chain. Thus, each block contains a complete and time-stamped record of all the transactions that occurred in the network. On the Blockchain, everything is transparent and permanent. No one can change or remove a transaction from the ledger.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d0420e elementor-widget elementor-widget-text-editor\" data-id=\"2d0420e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tBitcoin is a cryptocurrency that makes electronic payment possible directly between two people without going through a third party like a bank. Bitcoins are created and stored in a virtual wallet. Since there are no intermediaries between the two parties, no one can control the cryptocurrency. Hence, the number of bitcoins that will ever be released is limited and defined by a mathematical algorithm.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0c4681c elementor-widget elementor-widget-heading\" data-id=\"0c4681c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3><strong>Myth # 11:\u00a0<\/strong><strong>Blockchain is designed for Business interactions only<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-37f08d7 elementor-widget elementor-widget-text-editor\" data-id=\"37f08d7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tExperts in Blockchain are convinced that this technology will change the world and the global economy just like dot-coms did in the early 90\u2019s. Hence, it is not only open to big corporations; it is accessible to everyone everywhere. If all it takes is an Internet connection to use the Blockchain, one can easily imagine how many people worldwide will be able to interact with each other.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a9576c6 elementor-widget elementor-widget-text-editor\" data-id=\"a9576c6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tFor now, smart contracts are just pieces of code that execute actions automatically when certain conditions are met. Therefore, they are not considered as regular contracts from a legal perspective. However, they can be used as a proof of whether or not a certain task has been accomplished. Despite their uncertain legal value, smart contracts are very powerful tools especially when combined with the internet-of-things (<a href=\"https:\/\/www.linkedin.com\/pulse\/secure-model-iot-blockchain-ahmed-banafa?trk=mp-reader-card\" class=\"broken_link\" rel=\"noopener\">IoT<\/a>).\n<div><\/div>\n<div><strong>References:<\/strong><\/div>\n<div><\/div>\n<div>https:\/\/www.cio.com.au\/article\/598068\/7-myths-about-bitcoin-blockchain\/<\/div>\n<div>http:\/\/www.ancapetre.com\/myths-misconceptions-blockchain<\/div>\n<div>https:\/\/ripple.com\/insights\/busting-myths-around-blockchains\/<\/div>\n<div>http:\/\/www.reuters.com\/article\/us-blockchains-technology-commentary-idUSKCN0Y22GC<\/div>\n<div>https:\/\/www.forbes.com\/sites\/yec\/2017\/05\/04\/debunking-blockchain-myths-and-how-they-will-impact-the-future-of-business\/#275f5ef05609<\/div>\n<div>http:\/\/www.techrepublic.com\/article\/five-big-myths-about-the-bitcoin-blockchain\/<\/div>\n<div>https:\/\/home.kpmg.com\/uk\/en\/home\/insights\/2017\/04\/five-blockchain-myths-that-just-wont-die.html<\/div>\n<div>https:\/\/www.allerin.com\/blog\/4-myths-associated-with-blockchain<\/div>\n<div>https:\/\/blockchainhub.net\/blockchains-and-distributed-ledger-technologies-in-general\/ https:\/\/www.linkedin.com\/pulse\/secure-model-iot-blockchain-ahmed-banafa<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Blockchain&nbsp;technology is young and changing very rapidly; widespread commercialization is still a few years off. Nonetheless, to avoid disruptive surprises or missed opportunities, strategists, planners, and decision makers across industries and business functions should pay heed now and begin to investigate applications of the technology. Blockchain ensures that data has not been tampered with, offering a layer of time stamping that removes multiple levels of human checking and makes transactions immutable. However, it isn&rsquo;t yet the cure-all that some believe it to be.&rsquo;<\/p>\n","protected":false},"author":543,"featured_media":2983,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[192],"tags":[98],"ppma_author":[3205],"class_list":["post-2118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","tag-blockchain"],"authors":[{"term_id":3205,"user_id":543,"is_guest":0,"slug":"ahmed-banafa","display_name":"Ahmed Banafa","avatar_url":"https:\/\/www.experfy.com\/blog\/wp-content\/uploads\/2020\/04\/medium_a3912711-a0db-437b-a2c1-df173aaae2d5-150x150.png","user_url":"http:\/\/www.sjsu.edu","last_name":"Banafa","first_name":"Ahmed","job_title":"","description":"<a href=\"https:\/\/www.linkedin.com\/in\/ahmedbanafa\/\">Prof. Ahmed Banafa<\/a>, Faculty at San Jose State University<b>,<\/b>\u00a0has extensive research work with focus on IoT, Blockchain, cybersecurity and AI. He served as an instructor at well-known universities and colleges. He is the recipient of several awards, including Distinguished Tenured Staff Award, Instructor of the year and Certificate of Honor from the City and County of San Francisco.\u00a0He was named as No.1 tech voice to follow, technology fortune teller and influencer by LinkedIn in 2018, featured in Forbes, IEEE-IoT and MIT Technology Review, with frequent appearances on ABC, CBS, NBC, BBC, <a><\/a>and Fox TV and Radio stations. He is a member of MIT Technology Review Global Panel.\u00a0He is the author of the book \u201c<a href=\"https:\/\/www.amazon.com\/Secure-Smart-Internet-Things-Iot\/dp\/8770220301\/\"><i>Secure and Smart Internet of Things (IoT) using Blockchain and Artificial Intelligence (AI)<\/i><\/a><i>\u201d.<\/i>"}],"_links":{"self":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/2118","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/users\/543"}],"replies":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/comments?post=2118"}],"version-history":[{"count":5,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/2118\/revisions"}],"predecessor-version":[{"id":35990,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/2118\/revisions\/35990"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media\/2983"}],"wp:attachment":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media?parent=2118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/categories?post=2118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/tags?post=2118"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/ppma_author?post=2118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}