Blockchain is much more than cryptocurrencies, it’s one of the upcoming technologies that are transforming industries and driving new business models. Blockchain transcends the financial industry, but to understand its potential we must first understand what blockchain is, and what it isn’t. Let’s start by leaving behind 3 myths about blockchain.
Myth 1: Blockchain equals Bitcoin.
Cryptocurrencies and blockchain wouldn’t have the importance they have if it wasn’t for Bitcoin, but that does not mean they are the same thing. Although both technologies originated together, today cryptocurrencies are just one of the many applications that can be executed on blockchain.
Myth 2: blockchain is public and anonymous.
Although there is a blockchain system that Bitcoin uses, and it’s the best-known example of a decentralized network in which anyone can participate, this is only one type of system. There is another modality, which is private and requires authorization. Large companies are starting to use this type of technology where only authorized members can participate, such as partners, suppliers or customers. Private blockchain systems use protocols to verify and assemble blockchain blocks, and guarantee control over who has access to transactions.
Myth 3: A blockchain ledger can not be modified
Every transaction made in blockchain is registered in a ledger, and each block is linked to the previous block. This makes blockchain extremely difficult, if not impossible, to manipulate. However, blockchain can be vulnerable, mainly at the blocks where data and transactions entered into the ecosystem. Blockchain it’s as safe as its weakest link is. If the integration points can be modified, then the entire system would be at risk.
Blockchain is a technology that goes beyond cryptocurrencies and has the potential to revolutionize companies, and transform industries forever. Every day more applications emerge and new uses of blockchain are still under development. It seems that this technology has an almost unlimited potential. With Glass you can now track your transactions with cryptocurrencies, together with every other financial transactions of your conventional banking institutions, in one place and in a simple way. Join Glass and start connecting with your financial world.