Top 3 Things People Get Wrong About Blockchain

Misconception #1: The Concept Behind Blockchain is Brand-New

That is to say, blockchain technology is based on technology that is not new. What are DLTs, and what is the critical difference between the two? DLT is a term that encompasses a variety of structures, including blockchain. Most generally, a DLT is described as a decentralized database managed by multiple participants, across multiple nodes. So far, this is general enough to describe blockchain technology, too.

Misconception #2: Blockchain Technology Has Limited Applications

When we think of the internet, recall that it started as an experiment in peer-to-peer communication. Many were skeptical at first, but as this peer-to-peer network grew, it became evident that the network effects of the internet were very significant. Now the internet plays an integral part in the information age we live in today.

Misconception #3: Blockchain Technology Can Only Be Used for Good

The importance of this misconception should not be overlooked. It is easy to look at Bitcoin and crypto and be amazed at what they are doing for society but, like any technological advancement, we are playing with a double-edged sword. In short, central bank digital currencies (CBDCs).

Amazing Blockchain, Ugly Blockchain

In the points above, we found the critical point of innovation that set blockchain apart from conventional DLTs, pondered the similarities between the internet and blockchain, and alerted ourselves to the inevitable dangers of CBDCs.



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