10 Myths About Blockchain Technology

Myth 1:

Blockchain is a database where you can only store information

Blockchain technology doesn’t allow you to store any type of physical information like a Word document .The file however can be stored in “data lakes”, the access to which is controlled by the owner of the information.The Blockchain is conceptually a flat file – a linear list of simple transaction records.

Myth 2:

Blockchain technology Is Free of cost

Blockchain is neither cheap nor efficient to run yet. It involves multiple computers solving mathematical algorithms to agree a final immutable result.

Myth 3:

Blockchain & Bitcoin are totally the Same Things

Bitcoin is a digital currency that is based on blockchain technology, it is not the same thing as blockchain.There are many other blockchains out there like Ethereum, Waves and Ripple. Bitcoins are created and stored in a virtual wallet. Since there are no intermediaries between the two parties, no one can control the cryptocurrency.

Myth 4:

Blockchain technology Can only be use in Financial Sector

Blockchain has numerous areas of application, finance is undeniably one of them.Blockchain can and will be used in real estate, healthcare or even at a personal scale to create a digital identity.

Myth 5:

Blockchain technology Has No Commercial Application

Blockchain kept track of transactions through the verification of data, and ensuring those bits and bytes are permanently stored on a ledger. his then creates an opportunity for the blockchain to be used in a range of commercial environments that involves sensitive data. One example could be to verify patient records.

Myth 6:

Blockchain technology is trustworthy

In Blockchain technology you need to ensure trustworthiness by ensuring that the parties who store facts in the blockchain are trustworthy and that the facts are true ,just as you would outside of the blockchain.

Myth 7:

Blockchain technology is highly scalable

Blockchain is not truly scalable compared to server-based transaction methods.They are only scalable for certain types of transactions, small payloads and up to certain limits.

Myth 8:

Anyone can see private information on the blockchain

People often think that the fact that the distributed ledger is public, means that all their information and transaction details are too. This is absolutely false. What is stored on the ledger is nothing more than the amount of the transaction and a hash.A code that is derived by running the transaction details through a cryptographic function.

Myth 9:

Blockchains Are Immutable

The Bitcoin blockchain also has its vulnerabilities. Anyone capable of gathering the mining resources can overwhelm and take control of the blockchain. All they would need is a mining capacity larger than that of the rest of the Bitcoin network. In the case of mutable blockchains, transactions can be reversed if all participants agree.

Myth 10:

Smart Contracts Are The Same as Legal Contracts

There is no legal value in a smart contract, 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.

NOTE:
hello steemit family here is my third blog post after studying alot about this blockchain technology, waiting for your positive response and suggestions

thanks
@ushah32