Busting the Myths About Blockchain Technology

Posted by johnandric45 on March 14th, 2018

Right now, Blockchain is one of the most talking about technology and has been for the past few years. The blockchain technology’s future looks promising in the coming years but it wouldn’t be wrong to state that there are myths surrounding this concept.

From transforming businesses to bringing a new digital currency in functioning, blockchain technology is doing it all. Below are some of those myths that need to be busted in order to spread more awareness about the blockchain technology:

  • As you know that blockchain is basically a protocol that is expressed in code and is not further defined in terms of any particular standards. This indicates that there are no standard bodies to provide proper guidance with the help of rules, meaning you cannot just put anything in the blockchain.
  • One of the key myths that have been surrounding the concept of blockchain technology is that it is highly scalable. However, that is not the case and blockchain when compared to other server-based transaction methods turned out to be less scalable.
  • Smart Contracts are now turning out to be quite popular as one of the blockchain’s subcategory.  As the smart contracts are in its initial phase of operation, the use cases used are simple and ones that can be easily understood. So, the scope of use cases that is currently available is quite limited.
  • As the blockchain technology offers both private and public blockchain options for the user. But using the option of private blockchain does not ensure that user’s privacy is safe or that the access to restricted information is provided.

There’s no denying that each day technology is improving and the same goes with the blockchain-based technologies. Making the Blockchain one of the trending technologies to follow that’s why a majority of organizations like Android, iPhone App Development Company and many more are developing and designing apps that are compatible with the blockchain technology.

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