CIOAdvisor Apac

  • Home
  • Vendors
  • News
  • Conference
  • Whitepapers
  • Newsletter
  • Subscribe
  • About Us
  • Specials

  • Menu
      • Ad Management
      • Application Security Testing
      • Artificial Intelligence
      • BPO
      • Contact Center
      • Data Analytics
      • Deep Learning
      • Digital Marketing
      • Digital Transformation
      • Disaster Recovery Services
      • Disinfection and Sanitization
      • E-Invoicing
      • Ecommerce
      • Govt Tech
      • HubSpot
      • Human Resource
      • ICT
      • IoT
      • Laser and Photonics
      • Leadership Development
      • Logistics
      • Machine Learning
      • Marketing Technology
      • Mobile Application
      • Parking Management
      • Payment And Card
      • SDN
      • Telecom
  • Digital Transformation
  • Logistics
  • IoT
  • Payment And Card
  • Artificial Intelligence
Specials
  • Specials

  • Ad Management
  • Application Security Testing
  • Artificial Intelligence
  • BPO
  • Contact Center
  • Data Analytics
  • Deep Learning
  • Digital Marketing
  • Digital Transformation
  • Disaster Recovery Services
  • Disinfection and Sanitization
  • E-Invoicing
  • Ecommerce
  • Govt Tech
  • HubSpot
  • Human Resource
  • ICT
  • IoT
  • Laser and Photonics
  • Leadership Development
  • Logistics
  • Machine Learning
  • Marketing Technology
  • Mobile Application
  • Parking Management
  • Payment And Card
  • SDN
  • Telecom
×
#

CIO Advisor APAC Weekly Brief

Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from CIO Advisor APAC

Subscribe

loading
  • Home
  • News
Editor's Pick (1 - 4 of 8)
left
How Cloud Migration Fueled Digital Transformation and Global Growth for ACI Specialty Benefits

Ryan Fay, Global CIO, ACI Specialty Benefits

Configuration Management Technology and Its Use in Information Technology Management Operations

Kelly Summers, CHCIO, SVP & CIO, Maricopa Integrated Health System

The Advent of Crypto

Grant Brett, CIO, Forex Club

Supporting Business with the Right Technology

Andy Jurczyk, CIO, Seyfarth Shaw LLP

A Closer Look at Block Chain Technology

John Shea, CIO, Eaton Vance

Why are enterprise blockchain solutions not widely adopted yet?

Mariana Gómez de la Villa, Program Director Distributed Ledger Technology, ING

Blockchain: The answer to solve the perennial issues in the Telecom Industry

Neeti Virmani, Venture Partner, Loyal VC

Tug-of-War: Will Blockchain Bring Data Ownership Back to Users?

Nicole Nguyen, Head of APAC, Infinity Blockchain Ventures

right

THANK YOU FOR SUBSCRIBING

Common Myths Associated with Blockchain Technology

CIOAdvisor Apac | Saturday, December 08, 2018
Tweet

Blockchain technology has always been a debatable topic. It is a technology that powers Bitcoin and other cryptocurrencies. The blockchain is a distributed ledger that allows people to store data in an immutable form.  As the time passed many new facts and information came into light associated with this technology and many myths made their way through. Such myths blur the real facts and knowledge of technology.

Myth1: Blockchain and Bitcoin are Same

Blockchain is technology that powers cryptocurrencies such as Bitcoin and made it easy for cryptocurrency to spread in the market. It is a growing list of records, which are linked using cryptography. On the other hand, Bitcoin is cryptocurrency which gained fame because of overcoming from drawbacks its predecessors had.  It solved the problem of double spending with help of technologies like cryptography, peer-to-peer networks and decentralization.

Myth2: Data On Blockchain is Secure.

As the technology uses cryptography, many get misguided that the data stored on blockchain network is secure and nobody can view it or access it. The myth is as far as the horizon to reality. The actual fact is that data on blockchain is immutable i.e. the data stored can be viewed by anyone on the blockchain network but cannot be edited or modified without anyone getting acknowledged about it.

Myth3: Blockchain is restricted to Cryptocurrency and Finance

Many believe that blockchain technology is restricted to money and finance and is useful for the same only. The truth is that blockchain is ledger and stores all forms of data. Nowadays, it is being used to build services for smart contracts, digital identity solutions, cloud storage, voting systems, and even aircraft safety. This myth gained popularity because often blockchain is associated with Bitcoin as it popularized the technology a lot.

Myth4: Blockchain is Panacea for fraud and hacks

Frauds and hacks can be reduced but not completely avoided using this technology. Blockchain uses distributed storage for storing data and requires a lot of computing power to make changes in it. This makes is it difficult for anyone to hack it but not impossible. Instances of hacks and fraud have witnessed in past with this technology. There is also an infamous group of hackers, known as the 51crew, who have attacked Shift and Krypton blockchain clones.

Myth5: Blockchain for enterprises?

There is a two-way opinion over this. Only big companies can use blockchains as it is exorbitant. Because the cost mining requires makes the myth more trustable but if private, non-corporate, small companies are capable to spend the amount then there are no stoppages to them.

Another myth is that enterprises find it useful in terms of eliminating redundancy and middlemen, also it avoids costly disputes and resolution. But they are still hesitant because of its varying scalability and security issue. Already consortiums like Linux forum, R3 and JP Morgan have come with their own ledgers which are more secure and highly scalable.

It is just the beginning of the technology and still there much to be explored about it. Proper information and facts are always required prior to forming any opinion. This revolution has just started outcomes are still awaited to have firm believes and opinions.

tag

Storage

Fraud

Featured Vendors

  • MVI Technologies: Innovative, Future-proof Financial and Payment Switching
    MVI Technologies: Innovative, Future-proof Financial and Payment Switching
  • DATAMARK: Process Driven Solutions in Action
    DATAMARK: Process Driven Solutions in Action
  • IMACREA: Shaping the Future of Teleworking
    IMACREA: Shaping the Future of Teleworking
  • PuzzleBox BPO, Inc.: A Hybrid Platform for Customer Support and Sales Empowerment
    PuzzleBox BPO, Inc.: A Hybrid Platform for Customer Support and Sales Empowerment
ON THE DECK

Read Also

Safeguarding Quality through Proactive Risk Management

Cultivating a Culture of Agility: Nurturing Adaptability for Organizational Success

Governance for Smarter KPIs: Enhancing Performance Measurement

Embracing the Irreplaceable Human in Business and Beyond

Leveraging Gamification for Deeper Financial Engagement

Generative AI: The Game-Changer Automates Marketing For The Retail Industry

Loading...

I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

Copyright © 2025 CIO Advisorapac. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy Policy |  Sitemap

follow on linkedinfollow on twitter
This content is copyright protected

However, if you would like to share the information in this article, you may use the link below:

https://www.cioadvisorapac.com/news/common-myths-associated-with-blockchain-technology-nwid-1110.html