Blockchain has become one of the most sought-after skills in the tech sector. According to a 2018 PwC survey on 600 executives belong to 15 different regions, around 84% of the respondents said they were using blockchain in some way.
Misconceptions About Blockchain (What Blockchain is Not)
To understand blockchain, you must first distinguish between the truths and myths surrounding this technology. Here are some of the common misconceptions about blockchain, you should know:
Myth: Blockchain is a Replacement of a Transaction Processing System
Reality: You can use blockchain to replace a transaction processing system only in particular scenarios. It is not a replacement for a full-fledged transaction processing system.
Myth: Blockchain is Necessary Even if There is No Business Network
Reality: If a business network doesn’t exist, you don’t need to implement blockchain technology.
Myth: Blockchain is a Product
Reality: Blockchain is not a product you can buy. The utility in the blockchain is because of the various applications you can build on top of it.
Myth: Blockchain is All About Bitcoins Or Blockchain is Bitcoins
Reality: Although bitcoin is the first application of blockchain, blockchain is not all about bitcoins. Bitcoin is a cryptocurrency based on blockchain where bitcoin is the digital token and blockchain is the ledger. You can have a blockchain without bitcoins but you can’t have bitcoins without blockchain.
BLOCKCHAIN DEVELOPMENT PROCESS:
At Infinite Loop Corporation we follow the following process for Blockchain Development Process:
- Identify the problem and goal
- Identify the suitable blockchain platform
- Blockchain Ideation
- Developing a proof-of-concept