Majority of the population around the world find it difficult to embrace emerging technologies. Due to the volatility of Bitcoin, users and significant investors of the world are skeptical about the future implications of the technology that underpins it. Discussions with incomplete and inaccurate information have created a cloud of misconceptions and myths about the deployment of Blockchain technology.
This article is an effort to clear the air by enlightening readers about the benefits of Blockchain and to eradicate the myths about it.
- People usually confuse Blockchain with Bitcoin
Bitcoin is the first word that triggers people to think about Blockchain. Blockchain is the technology that underpins the cryptocurrency like Bitcoin, and it is just a small attribute of Blockchain that enables peer-to-peer transactions.
- Blockchain’s only application is Cryptocurrency
It’s widely believed by many that cryptocurrency is the only use case of Blockchain. However, it has much to offer. Blockchain has many use cases that are derived from its features such as immutability, transparency, and security.
- Information on Blockchain is not public
Contrary to popular belief, the majority of Blockchain transactions are traceable and transparent. Additionally, there are no hidden secrets to Blockchain and its operations. All the information encapsulated in the block is public to all participants on the Blockchain.
- Blockchain can only be used in the financial sector
Blockchain has many applications in the financial industry because of its nature. However, there are many relevant use cases of Blockchain including Real Estate, Pharmaceutical, Freight, Online Booking, etc. Where ever there is a value chain, Blockchain can create a difference with its strategic deployment and hence help in the exchange of value.
- Cryptocurrencies are for Criminals
Some people misinterpret that Blockchain technology is only dropping cryptocurrencies which are deduced from decentralized platforms, its ambiguity and anonymous nature can only benefit people ditching law. But what people don’t know is that the digital wallet facilities also requires certain regulations to be complied with.
In an economically or politically unstable environment, if a person is feeling insecure and lacks trust in banks, then, Blockchain based financial ecosystem can be of great help.
Blockchain is commonly compared to the internet in terms of its disruptive nature and technological significance. However, unlike the internet, various Blockchains can be designed to serve different purposes. The prevalence of this misconception has greatly waned with the rise and increasing popularity of other Blockchain networks beyond Bitcoin.
Read More: HOW LALA WORLD WOULD HELP A MIGRANT FATHER
LALA World is utilizing Blockchain technology to build a Global Financial Ecosystem to help in financial inclusion of the unbanked and underserved. It firmly believes in the power of this technology and wants to utilize it as a tool to alleviate poverty. LALA World has foreseen the blossoming future for Blockchain technology, and combining it with other technologies like Artificial Intelligence