Breaking the Blockchain Myths – Big Buzz

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February 25, 2020

Last updated: March 30, 2022

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Blockchain Myths & Facts

Blockchain is one such forefront technology that has changed the way how assets are transferred and stored. It may sound weird but the conviction is that even this revolution technology has some uncovered blockchain myths & facts. Let’s decrypt it.

#1 More Than Currency

This supreme technology gets employed on a large scope and is not just resisted with Financial sectors alone. For instance, Healthcare industries use blockchain for maintaining the patient’s record safely. This technology gets a massive usage for goods tracking in supply chain management, document secrecy in the government administration sector and to cut down the middle man intervention in real-estate, and many more.

#2 Blockchain In DarkWeb

As the name denotes DarkWeb is the search engine and website that secretly functions with a tremendous user rate than the normal ones. These websites give users the privilege of being anonymous in all the activities they perform. Now, if you doubt what blockchain does over there, the answer goes like this, on bitcoin making its way into the market, the dark web businesses got to do their transactions way secured and protected. Those anonymous users who firstly enjoyed their personal data privacy now got to enjoy the secured give and take. For example, SilkCity.

#3 Hackable Or Unhackable

A common myth to be rift off in technology is the ideology of hacking. As the codes for the software have been developed by human beings there are chances of making errors. That makes a point clear that every complex piece of code has the weakest uttering hidden within. In spite of HTTPS and blockchain working on the same algorithm employing a handful of people for mining can break the unhackable mythology.

#4 Blockchain Info Private Or Public

Generally, the usage of a public distributed ledger brings a thought that all the user pieces of information and details posted on to the blockchain get public visibility, which is not correct. Wherein the visibility of details depends on different use cases and the technology deployed. In all business to business, the transactions are private, and only with proper permissions, the information gets a public scope. Even on making transactional information public only the amount of the transaction and a hash (code generated by driving transaction details through a cryptographic method) gets an open scope. Therefore, it is impossible to have access to more information on the transaction.

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