Hailing as a dominant payment settlement technology, Blockchain has set its foot strong in a diverse vertical of domains. Decentralized technology has been at the forefront in giving a new shape to multiple industries. The term blockchain refers to a channel in which data is recorded in blocks that are connected using cryptography. Each block on the network contains a cryptographic hash of the preceding block and is timestamped to avoid fraud. The technology offers high-class security, transparency, and immutability to investors. The transactions are validated by the participating nodes without the intervention of a bank or a third-party entity.
During the launch of crypto in 2008, the blockchain technology’s potential was limited to cryptocurrencies only; however, within a few years, it managed to proliferate in different verticals and horizons. Today, we can find blockchain leading ahead in finance and various fields, including education, finance, hospitality, health, supply chain, etc. This widescale expansion of blockchain was fueled by the constant support from investors and people who acknowledged its potential in bringing a global change everywhere.
The blockchain cluster is comparatively new for the customers in comparison to other available technologies. Certain myths have enveloped the industry and have caused a major setback to its popularity amongst investors. These misconceptions include:
The term ‘free’ is very often associated with blockchain technology. However, the truth is entirely different from these pre-conceived thoughts. The creation of blockchain requires a lot of computational and electric power involved in solving complex calculations. The person who creates a blockchain will try to fetch their invested funds from the consumers of the project. It depends on the user if they want to invest in the plethora of benefits as compensation.
A blockchain is the mixed result of a ledger, P2P network, consensus mechanism, etc. There is no identical structure of a blockchain. The blockchain designed for the supply chain will differ from the blockchain designed for educational institutions.
The plethora of benefits provided by blockchain technology has enhanced its popularity and has managed to earn it a strong community. The Blockchain Conferences organized by blockchain-based firms have played an important role in disseminating correct information about the field. The events bring blockchain experts together and aid new investors to explore the potential of blockchain technology immensely.