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You've probably heard of the blockchain – the technology behind bitcoin – which is an incorruptible decentralized digital ledger for transaction logging. Since the launch of bitcoin, blockchain has taken over the business world. & Nbsp; As bitcoin's popularity has grown, the number of blockchain projects launched in recent years has also grown. Many of these projects offer digital tokens or tokens, commonly known as cryptocurrencies or altcoins.
At the Blockshow conference, I listened to one of these professors of criticism, economist and New York University Nouriel Roubini, report cryptocurrency and blockchain, calling it a scam. This criticism has led to a series of misunderstandings and myths about blockchain technology. However, I believe that many of these perceptions are groundless. Let's have a look at some of them.
Myth n. 1: Blockchain is not really decentralized.
Because some of the biggest bitcoin mines are in China, one can have the perception of controlling the whole ecosystem. Blockchain is inherently a decentralized technology platform and requires multiple nodes to participate and validate the blocking of transactions before adding them to the chain. However, judging from my experience, it is possible for a smaller group to gain control over the network by investing heavily in the computer hardware needed to validate the transaction blocks. However, the open source code and blockchain architecture ensures that all members can see this behavior, and if they decide to stop participating, networks will be useless.
Myth n. 2: many blockchain projects will fail.
Since most startups in the early stage are believed to fail, it is likely that many startups created on blockchain may end up failing. In my mind, however, the blockchain has brought about a paradigm shift in the way we conceive software solutions. Although there are some crucial technological challenges that remain to be addressed, there are many projects that are trying to bring positive change in various areas, where business partners can trust one another more than they could ever in the pre-blockchain world.
Global logistics is one of these areas where it is hard to imagine an end-to-end universal visibility solution without a technology like blockchain. In my personal experience, I have recommended a startup that is developing a food traceability solution powered by blockchain. Technology is providing transparency, with the ability not only to see the chain from harvesting to final delivery, but also to manage recalls effectively and thus improve food security. It also allows the farmer to know where the product is sold, the price paid and to receive the cash bonus. None of these ideas would be possible without a democratized blockchain platform.
Myth n. 3: Fintech has nothing to do with the blockchain.
While fintech refers to technology companies in the financial services industry, blockchain technology has applications in & fbsech; fintech and other domains because of the immutability and transparency offered by the ledger. Bitcoin and Ripple are good examples of blockchain projects that help solve urgent problems in the banking sector. Bitcoin is trying to eliminate banks and provide transfer of peer-to-peer resources, while Ripple is providing almost real-time currency exchanges to send money globally.
Myth n. 4: Blockchain is an over-hyped technology.
In my over 20 years of experience in the technology industry, I've seen many new emerging technologies, from dot-com to cloud, to artificial intelligence, and I can see why the blockchain stands out. It changes the way we look at databases and allows us to imagine completely different types of applications that are without trust, meaning they do not have to be owned or controlled by a party or an organization. For the first time, we can build shared digital registers that can not be tampered with by stakeholders and that all have equal rights. As I see it, blockchain is a turning point not only in the fintech, but in complex supply chains where end-to-end visibility of shipments was almost impossible to achieve.
This does not mean that blockchain is a solution to all problems, but there are numerous cases of use for its implementation, especially when a consensus is required between multiple entities. I predict that technology will become more refined and issues such as downsizing will be addressed with improvements in hardware as the adoption of blockchain grows.
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You've probably heard of the blockchain – the technology behind bitcoin – which is an incorruptible decentralized digital ledger for transaction logging. Since the launch of bitcoin, blockchain has taken over the business world. With the growth of bitcoin popularity, the number of blockchain projects launched in recent years has also increased. Many of these projects offer digital tokens or tokens, commonly known as cryptocurrencies or altcoins.
At the Blockshow Conference, I listened to one of these critics, economists and professors of New York University, Nouriel Roubini, to report cryptocurrency and blockchain, calling it a scam. This criticism has led to a series of misunderstandings and myths about blockchain technology. However, I believe that many of these perceptions are groundless. Let's have a look at some of them.
Myth n. 1: Blockchain is not really decentralized.
Because some of the biggest bitcoin mines are in China, you can have the perception of controlling the whole ecosystem. Blockchain is inherently a decentralized technology platform and requires multiple nodes to participate and validate the blocking of transactions before adding them to the chain. However, judging from my experience, it is possible for a smaller group to gain control over the network by investing heavily in the computer hardware needed to validate the transaction blocks. However, the open source code and blockchain architecture ensures that all members can see this behavior, and if they decide to stop participating, networks will be useless.
Myth n. 2: many blockchain projects will fail.
Since most startups in the early stage are believed to fail, it is likely that many startups created on blockchain may end up failing. In my mind, however, the blockchain has brought about a paradigm shift in the way we conceive software solutions. Although there are some crucial technological challenges that remain to be addressed, there are many projects that are trying to bring positive change in various areas, where business partners can trust one another more than they could ever in the pre-blockchain world.
Global logistics is one of these areas where it is hard to imagine an end-to-end universal visibility solution without a technology like blockchain. In my personal experience, I have recommended a startup that is developing a food traceability solution powered by blockchain. Technology is providing transparency, with the ability not only to see the chain from harvesting to final delivery, but also to manage recalls effectively and thus improve food security. It also allows the farmer to know where the product is sold, the price paid and to receive the cash bonus. None of these ideas would be possible without a democratized blockchain platform.
Myth n. 3: Fintech has nothing to do with the blockchain.
While fintech refers to technology companies in the financial services industry, blockchain technology has applications in fintech and other domains because of the immutability and transparency offered by the ledger. Bitcoin and Ripple are good examples of blockchain projects that help solve urgent problems in the banking sector. Bitcoin is trying to eliminate the banks and provide peer-to-peer resource transfers, while Ripple is providing the exchange of currency almost in real time to send money globally.
Myth n. 4: Blockchain is an over-hyped technology.
In my over 20 years of experience in the technology industry, I've seen many new emerging technologies, from dot-com to cloud, to artificial intelligence, and I can see why the blockchain stands out. It changes the way we look at databases and allows us to imagine completely different types of applications that are without trust, meaning they do not have to be owned or controlled by a party or an organization. For the first time, we can build shared digital registers that can not be tampered with by stakeholders and that all have equal rights. As I see it, blockchain is a turning point not only in the fintech, but in complex supply chains where end-to-end visibility of shipments was almost impossible to achieve.
This does not mean that blockchain is a solution to all problems, but there are numerous cases of use for its implementation, especially when a consensus is required between multiple entities. I predict that technology will become more refined and issues such as downsizing will be addressed with improvements in hardware as the adoption of blockchain grows.
