Common Myths About Blockchain Technology

Common Myths About Blockchain Technology

Blockchain is a buzzword in almost every industry. As Blockchain is still under the scissors, new facts and hypotheses about the next-gen technology surface nearly every day; some are real, and others myths. While experts are still exploring the technology, numerous companies have already leveraged Blockchain to gain immense business benefits.

Since technology is still growing, it’s essential to debunk the myths to foster a transparent future. However, differentiating between myths and reality can be challenging, especially when a novice in the domain. Believing the unrealistic facts can break the spine of the growth of Blockchain technology.

Also, Blockchain myths can inhibit your knowledge when taking up a relevant course. Moreover, you require clearing your doubts before registering for new training sessions. So, here we are debunking the common myths about Blockchain technology. Keep reading! Now, you can start afresh with no false presumptions when joining a Blockchain training in Bangalore, Hyderabad, Delhi, and other cities in India.

1. Blockchain and Bitcoin are the Same Technologies

Absolutely not! Blockchain has made a significant contribution in taking Bitcoin to what it is today. However, both of the technologies are entirely different. Also, Blockchain technology is stepping out of the financial landscape nowadays. Blockchain has become a groundbreaking technology regarding other sectors too. It has been used in numerous domains where security was a crucial concern and produced game-changing results.

2. Blockchain is an Expensive and Inefficient Technology

Hell no! Blockchain is a robust technology that has encrypted numerous platforms for higher transparency and protection from third-party breaches. Interestingly, it is one of the most sought-after technologies regarding security and privacy concerns. Although Blockchain is a highly efficient technology, it is inexpensive and fits your budget, irrespective of its constricted. All in all, Blockchain is a magnificent technology that does not exceed your wallet.

3. Blockchain Reveals Sensitive Data to Everyone

Blockchain is an encrypted technology that protects your privacy by displaying the transaction parties as character strings. Although the transaction data remains public, nothing can decrypt the sensitive details regarding transactions and the stakeholders involved. So, Blockchain is a highly preferable option for platforms seeking partial transparency without violating the privacy policy.

4. Blockchain Requires Specialization and Advanced Degree for Administration

Blockchain is a cakewalk, provided that you have some exposure to the programming languages. You might require administering the tools needed in building the Blockchain infrastructure. Also, you might need to tweak the frameworks if you host a Blockchain-driven platform. Everything is, however, possible if you have some hands-on experience in programming languages like Java, C, C++, etc.

5. Blockchain is Preferable Over Conventional Databases

A prevalent notion tends to rule the industry. It says that Blockchain is preferable over conventional databases. However, it depends on your specific use cases. In some instances, you might require the assistance of Blockchain. In contrast, some applications might need conventional databases. So, Blockchain is not a substitute for traditional databases. It is an advanced version of conventional databases having specific use cases.

6. Blockchain is Entirely Unbreachable and Tamper-Proof

Although Blockchain is highly unbreachable and tamper-proof, it does not dodge risks entirely. It does protect transactions and data from unauthorized access to a large extent. However, these technologies require pacing with the latest trends for optimum safety and maximum security. A single misalignment might lead to more breaches in the centralized database. Luckily, Blockchain is almost completely protected from harmful breaches and data stealths.

7. Enterprises Do Not Prefer Blockchain

Enterprises are in love with Blockchain. They wish to harness the technology and excavate new applications to protect their applications significantly. Many companies have started allocating budgets for Blockchain and want to leverage the latest tools to lead the industry regarding Blockchain applications. So, Blockchain utilization is constantly growing among firms across all sectors and geographies.

8. Cryptocurrency – The Only Blockchain Application

Many people think cryptocurrency to be the only Blockchain application. However, it’s not true! Many different use cases exist that exceed the finance industry. Nowadays, Blockchain is leveraged in all areas, demanding higher security and privacy control. Moreover, Blockchain is still under research, and many intriguing applications are yet to surface in the future.

9. Blockchain will Substitute Business Transactions.

Business transactions are way different than Blockchain. Although Blockchain is highly secure, it cannot replace business transactions. Blockchain is somewhat challenging to leverage in conventional use cases. So, enterprises rely on traditional business transactions in typical applications even today.

10. Blockchain Aren’t Reliable.

Most people view Blockchain as volatile as cryptocurrencies. Consequently, they find Blockchain to be unreliable than any other security technology. However, this is highly unrealistic. Blockchain technology is highly reliable and most used across multiple industries and companies. Unlike Cryptocurrencies, Blockchain is not volatile and a secure method to protect transactions and the centralized database.

11. Blockchain is Easy for Criminals

Many people think Blockchain to be superficial and easily manipulative for criminals. However, Blockchain is one of the most challenging and steady technologies that criminals and unlawful hackers cannot decrypt. It uses a decentralized ledger that remains tamper-proof and unbreachable from unauthorized access. Besides, experts are seeking relevant areas that can prevent criminals from sensitive applications and platforms.

12. Blockchain is Nothing But a Storage Alternative

Blockchain is much beyond being a storage alternative. It is a secure technology that prevents data from getting leaked. However, numerous people think that Blockchain is nothing but a replacement for tabular databases. Blockchain is used to protect transactions and impart transparency in applications and software.

13. Blockchain and Cryptocurrency are for Finance Professionals

Do you think Blockchain and cryptocurrency are for finance professionals only? No, it isn’t. Blockchain and cryptocurrency can be used by anyone as long as they are interested in safeguarding their platforms and applications from unlawful stealths. Also, these technologies do not require any qualifications. So, you can use them without fulfilling any prerequisites.

These were the top myths that are prevalent in the Blockchain industry. Now that you know about these unrealistic facts, you are set to focus on the exemplary aspects and orient your knowledge in the right direction.