Top Blockchain Myths and the Actual Reality Behind it

Blockchain Technology has been in the center of attention for over a decade now, however even today when the technology is being pegged as the driving factor for the next industrial revolution, there are many misconceptions associated with it.

Those who understand or invested in it at an early stage believe it to be the solution of everything or a magic wand which can rid us of all the problems. However, there are quite a few who are on the other side of the spectrum and believe its just a fan frantic which wont last the next decade.

People have opinions and a difference of opinion could be a good thing for the refinement of technology and make it more efficient in the long run. However after listening to various arguments from both sides, it seems apart from the difference in opinions, there are various misconceptions associated with the technology as well. This article would help you understand those myths and the actual reality behind it. So, let us bust some Blockchain myths together.

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Blockchain Technology is the Solution To Everything

Many crypto and blockchain enthusiast peg the technology as the crusader of change and solution to every major problem. However, thats not the case, Yes the technology works on the principle of the distributed ledger and most of the industries which are suffering due to the centralization of power can implement the technology for their good. However, there are things which cannot be solved by Blockchain.

The blockchain believers need to understand that the technology is just an aid and not the complete solution. Different blockchain platforms have their own set of issues and drawbacks and since the technology is fairly new, it would need more refinement in the long run before mass adoption.

Saying, Blockchain is the solution to everything is like telling the banks that a single distributed spreadsheet can manage all the problems in the banking sector. The implementation of technology in the right way is the key.

Imagine Blockchain Technology as the language used for the development of games, one can create a successful game like Fortnite or Pubg by putting in the required time and resource. However, the same language and platform are also used for making below average games by those who do not have the resources to develop a top quality intriguing gameplay.

Here it is necessary to observe that the computer language and the platform are available for everyone to use, but how one uses it depends on that particular person or community. We cannot blame the computer language or the technology if the developed project turns out to be a disaster.

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Tags: Blockchain, Myth