Blockchain, bitcoin, cryptocurrencies – these are the buzzwords now. A blockchain is a distributed digital database that is shared among different stakeholders. However, there are a lot of myths surrounding blockchain. We take a look at the top 3:
Blockchain equals Bitcoin.
Blockchain is the root technology behind bitcoin. However, it has evolved and is used for various purposes. While blockchain deals with data, Bitcoin is a cryptocurrency.
Blockchain is secure.
Blockchain is designed for immutability. The involvement of all stakeholders is needed for altering. However, security is another ball game entirely.
Blockchains are fit only for finance
Even though the blockchain concept was proposed in the early 1990s, it evolved into being widely used as the core technology behind Bitcoin in 2008. And now, it has spread beyond its cryptocurrency roots. It is also being used in real estate, healthcare, and other areas.
