How blockchain has grown and developed in recent years has allowed the creation and spread of a great many untruths and online legends that need to be debunked. Here are the top five myths about blockchain that have been written about and unfortunately spread widely in the online space. They all have an element of believability, but as shown here, they are all not true.
Blockchain Is Only for Crypto Currencies
Untrue. Blockchain may have started as a means to store and transact in cryptocurrency (Bitcoin), but based on it being open source, it was then also used by all the other cryptos out there and, as such, is forever associated specifically with crypto transactions and a record of all crypto transactions. The truth, however, is that blockchain technology can and is being used for a great many more aspects of modern life than just crypto. A great example is Cosmos, with the crypto Atom. It is so much more than just a cryptocurrency. Read more details at https://www.okx.com/learn/what-is-cosmos, but the bottom line is that from NFT trades to storing and exchanging title deeds, the Cosmos blockchain hub provides an entire suite of functions, rather than just being a cryptocurrency.
The Open Source Means That All Blockchains Are Accessible to All
Untrue. This only rings true for the public blockchains out there, but the private blockchains will require permission to access them. Then, there are also a group of blockchains that will fall somewhere between these two, wherein sections are public and others required permission to engage and use the system. These are permission blockchains, and clearly, they refute the notion that anyone can see all transactions on every blockchain.
The Blocks of Information in the Chain Cannot Be Amended or Changed
Untrue. It is often said that once stored in the blockchain a record cannot be amended. The truth is that it can be amended, but what should be added is that any amendments are saved and shared across the decentralised network. So, everyone who has the requisite permissions will be able to see who made what changes and when. Or, if it is a public blockchain, then anyone can see when changes were made and by whom.
Blockchain Is Anonymous
Untrue. It’s based on a pseudonym and, as such, your username will be related to every transaction made. You must be clear as to the differences between pseudonymity and anonymity to understand why blockchain and crypto anonymity is a myth. Most authors have conflated the two and explain that blockchain and crypto transactions are anonymous. Again, this is untrue.
Blockchain is one of the top technologies of the present time and it is growing and developing all the time. The myths that have been debunked herein are those that have been so widely spread and accepted as truth that it will take a great deal of time and effort to be able to eradicate all the myths and untruths around blockchain tech. The biggest truth, however, is that blockchain is indeed the future.