Blockchain technology has gained a lot of momentum over the past few years, especially with the rise of Bitcoin. To review, blockchain, or the “distributed ledger” technology, offers a way to record transactions or any digital interaction securely and transparently by design. It is a database that maintains a continuously growing set of data records. One of its biggest advantages is that it is public, so the transactions stored in in the ledger are transparent.
Blockchain has been one of the most fascinating technological advancements in recent years. However, as with many other technological advancements in the past, there are many misconceptions surrounding blockchain technology. Take a look at some of the most common myths surrounding blockchain.
The Blockchain Can Be Used For Everything
The code behind the blockchain is compelling, but it is not magic. Some blockchain experts believe that the blockchain and smart contracts (contracts executed using blockchain) will replace money, lawyers, and other arbitration bodies one day. The only problem is that the code is insufficient given the number of cryptocurrency transactions in the chain. Additionally, outside of Bitcoin, cryptocurrency as a whole is a long way from becoming a mainstream payment method.
For more on the common myths about blockchain technology, please visit our company blog site!
James River Capital Corp 