Common Mistake About Blockchain You Should Prevent
Like any latest technology, blockchain comes with a bunch of new terms that don’t mean much. People who are interested in creating a unique marketing strategy for themselves will probably take advantage of terms like blockchain, artificial intelligence, and big data. These common words make it easy for them to sell products or services that really don’t have anything new or that don’t really exist. Because there is so much false information is rising, C-Suite executives are very skeptical about new technology and are reluctantly embracing more modern solutions for old problems.
To better understand the value of blockchain, leaders must understand several truths regarding some common misconceptions in the following
It is similar to Bitcoin
While blockchain is essential for how cryptocurrency works, its value has nothing related to Bitcoin. At its core, blockchain is a secure and decentralized solution for storing digital records. A blockchain contains different data “blocks”, connected to other blocks using cryptography, creating a chain of information stored on multiple computers.
What makes blockchain highly evaluated compared to traditional business journaling methods is its transparency and immutability. It cannot be intervented or changeable, and every block has access and allows a view. Block protection creates a clear and complete line of responsibilities, useful in many ways rather than just making money.
It replaces the relational database
Because services like SQL Server and Oracle cover areas similar to blockchain, some argue that it will be a replacement for more traditional relational databases. However, the main blockchain platform is still in its infancy and has no intention of replacing entrenched solutions. Blockchain exists in numerous of relational options
The intermediaries are eliminated
While it is true, the blockchain has allowed Bitcoin to remove intermediaries from its transactions, but it is not the case in other applications. As long as transactions still remain within an internal ecosystem, they will not require external confirmation. However, when it comes to interacting with the global in general, intermediaries can still support data authentication and identity verification.
Blockchain is just a public peer system
The big advantage of many blockchain projects is the public nature of each transaction. This transparency has led many businesses to believe that blockchain can only exist in a public setting — or creating a permission-based application is not possible. Meanwhile, the most current blockchain is not necessarily opened for everyone to join. They may be restricted to only those who need to know certain information.
Like any new technology, the success or failure of adopting blockchain technology depends on their application. Executives need to look thoroughly at marketing jargon and flashy promises that make blockchain look like a mess of technology.
Instead, they have to find their own core goals — and then decide whether blockchain can help them achieve those goals faster.
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