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7 hours ago | Michael Kelley
The best companies already have blockchain on their radar. However, this does not necessarily mean that this technology at the forefront is always welcome. Companies like IBM and Oracle have welcomed the blockchain with open arms and other elite technology companies like Google and Facebook at the beginning were more reluctant, but are now adopting the technology.
MailChimp, Google and Facebook are some of the companies that have promulgated bans on ICO advertising, cryptocurrency and some aspects of blockchain-based software. These companies were wary of technology because of many misunderstandings about how the blockchain works. Some of these companies, like Facebook and Google, have now focused on a more open perspective of the blockchain with the passage of time.
With various outlets covering blockchain news, it is not surprising that bad news can attract more media attention than the potential benefits offered by blockchain. The development of Blockchain has thought that the adoption may be slow at the moment, but the potential of smart contracts is gaining the attention of various companies with the vast advantages of the implementation of smart contracts as well as start-ups and companies looking to hire blockchain developers for Ethereum / Solidity development.
By choosing to hear only the common misconceptions about blockchain, companies are behaving in a dishonest way. The 10 most common misconceptions about blockchain were discussed in this article on ITProportal. Let's take a look and debunk some of the most common misunderstandings of blockchain technology.
Hub of Criminality
Many consider the blockchain to be an important crime center from various media channels that describe illegal activities financed through the use of cryptocurrencies. Although cryptocurrency is commonly mistaken for illegal substances and services on the deep web, it is not the only use for crypto and blockchain.
These blockchains on the deep web are not public blockchains, so they make them difficult to track down. Most blockchains are, in fact, public and rather transparent, making them completely traceable. The whole point of the blockchain is to offer transparency and limit ambiguity, all providing users with open source software that allows them to track down any transaction made to its source, all while providing users with the security that their funds are in safe hands.
Legal issues
Who does not understand what a smart contract might automatically think is that smart contracts are legally binding contracts and can block you in a disordered situation. An intelligent contract is a code built on top of the blockchain. This code (usually written in Solidity) is built on decentralized applications known as dApps. This code enables some functionalities of the dApp to be executed when certain conditions are met, which is the main point of the intelligent contract development.
Financial sector only
Blockchain technology is not just for the financial sector, but has the power to be applied in various other industries. Blockchain and the development of smart contracts can be applied to health services, government services, real estate, business and even video games. It is important to clarify these misunderstandings so that companies can fully embrace the blockchain.
One of the main advantages of blockchain is the implementation of smart contracts within dApps. Programmers specializing in the development of smart contracts typically write the Solidity code to specify the limits on what each party can do within the dApp. Smart contracts aim to eliminate the need for specific third parties, such as lawyers and lobbyists, who tend to increase the price and the time needed for the complete execution of contracts.
An article of smart contracts on Blockgeeks provides an internal aspect of how smart contracts work in the real estate market, a sectorial blockchain technology that aims to simplify. In the demo, a buyer and a seller are paired to execute a contract for the deed of ownership. The whole process goes smoothly because automatic clearing and settlement allows the contract to receive and distribute resources evenly.
The whole process goes smoothly because automatic clearing and settlement allows the contract to receive and distribute resources evenly. Both sides have already saved a lot of time and money by not having to get lawyers and other possible third parties involved to sell their home. Nobody has to worry about the security of transactions due to encryption, keeping all documents stored and secure. The practice and study of secure communications and transactions, which is known as cryptography, is helping blockchain technology by keeping track of files of all parts on securely shared accounting.
Blockchain technology has just begun
Smart contracts are a new and meaningful option for businesses and could be essential in the coming years. If companies want a quicker and easier way to process important contracts, they may want to look into a dApp developer to work on developing smart contracts within their servers. With continuing education, companies that once avoided the blockchain could use the power of this disruptive technology.
These common misconceptions about blockchain technology are easily unmasked by looking further at the functionality of the blockchain. Blockchain is not just a service for criminals, it's not just for the financial sector, and it does not stop you in any sort of sticky legal situation. Companies, both new and old, must adopt blockchain technology as quickly as possible or lose the opportunity to be one of the few companies to implement this technology today.
One can also quickly see that the development of dApp is the future and that there is great potential behind the development of the smart contract. Everyone must delve into the benefits of blockchain technology and learn how it works both inside and out. Only then can these misunderstandings be erased from the good name of the blockchain.
Now, Google and Facebook are adopting the blockchain with Facebook that hires other developers and Google relaxes their encryption. While blockchain continues to develop and help businesses, we will see increased efficiency and productivity. This does not mean that the platform is bulletproof, but with adequate education and a solution to value problems, blockchain will help companies grow and prosper.
Michael Kelley – @Powered
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