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Blockchain: Myths, Prejudices, And Absurdity

20:20 28/01/2019
Blockchain Myths

Today we will not expose Satoshi Nakamoto and speculate whether Elon Musk came up with Bitcoin or masons. In this article, we will touch upon the most frequent statements that will fail when you meet with blockchain experts.

 

Failure #1

 

A blockchain is a huge machine that distributes data

 

Once in the subway, I heard it in a conversation between two strangers, and I did not pay much attention, but then everyone, who has come across the word “blockchain” in the news or got an advertisement for some not very high-quality ICO in Youtube, started talking about it.

 

This impression can really arise if you don’t know the fundamental principles of the technology work thoroughly. Such a machine, the nodes of which around the world transmit data and it magically turns into a global and not quite clear network.

A blockchain is a huge machine that distributes data

However, this blockchain idea is far from reality.

 

Every blockchain is not some kind of machines hierarchy where there is a leader.

 

All nodes participate in the network according to the rules established for them (they check transactions, enter data in blockchain and store history)

 

No magic, just routine.

 

Failure #2

 

Everything that is entered into blockchain remains in it forever

 

Usually, this judgment can be heard from those who believe that there is only Bitcoin or, even worse, blockchain and Bitcoin are the same (I'm sure you're not like that). For this reason, we will dispel this myth using the example of the first blockchain.

Everything that is entered into the blockchain remains in it forever

If you carefully studied Failure #1, then you know that each network node stores transaction history (if we mean the Bitcoin network), thus increasing the volume. By the beginning of 2019, the Bitcoin volume has almost reached 200 gigabytes of data, which is 2 times more than last year.

 

If we are talking about peer-to-peer blockchains, such as Bitcoin and Ethereum, then, unfortunately, they are not eternal. The increase in hard disk capacity has not kept pace with the blockchain volume growth, so their life expectancy is limited to 10 years in the current situation.

 

Failure #3

 

Blockchain only for cool guys with money

 

Such an opinion is common among journalists, who work exclusively with information guides, spreading them on the World Wide Web. And what do we read in the news with #blockchain_news most often? About how the next multi-billion dollar corporation is developing a plan for large-scale blockchain technology use, of course. So the judgment appeared that the technology of the distributed ledger is not a common benefit of the future, which has already come.

Blockchain only for cool guys with money

However, nothing will prevent the use of blockchain advantages, both small companies and individuals.

 

It is important to realize that technology is evolving and scaling according to users' demand now, that's why industry enthusiasts are trying to provide the community with as many commercial and non-commercial opportunities as possible to use it.

 

Failure #4

 

From each blockchain, you can find out information about its users

 

Yes, this is partially true. Most of the blockchains presented today are public, where your data confidentiality is only covered by the beautiful “pseudo-anonymity” word. However, it is worth knowing that there are semi-public and even private ones. Moreover, you can create a completely closed and private chain over the public one.

From each blockchain, you can find out information about its users

All these variations of blockchains differ only in access modes, and therefore in data protection.

 

If we look at examples, the well-known Bitcoin is a public blockchain, but the Corda platform from the R3 consortium is completely private.

 

Failure #5

 

Blockchain is just a buzzword, in a few years everyone will forget about it

 

Back in 2016, Seamus Kushli, PwC director of fintech and digital EMEA, said that since blockchain is a new technology, it will have to go a long experimental way. Based on the effective last two years' development, we are already aware of its potential. It will take a little more time and blockchain will become widespread, people will no longer be afraid to trust the technological processes which were made accessible via cryptography and data encryption.

The blockchain is just a buzzword

It is possible to understand people who believe that blockchain is just a passing trend. At the same time, let's agree that when something revolutionary-new appears in the world, it gives hope for endless possibilities.

 

We had the theory of relativity and the discovery of space, cloning, and stem cells, and recently, American scientists were able to develop and successfully test the first fully autonomous artificial heart, so let's give a chance to blockchain, we are sure that it will show its best.

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