Are the myths around Blockchain technology true?
Since the inception of the Bitcoin technology into the world back in 2008, there was the rise of a newer technology that today it’s known as Blockchain. Blockchain technology has been subjected to a lot many criticisms and debates. However, the overall beneficial effects upon its implementation surpass over any other contemplations regarding its usage. Blockchain has been integrated into a variety of unique industries. For example, it is now used to make payments for playing casino table games like Roulette at Chelsea Palace Casino. However, there still exists the presence of myths around this technology that needs an unbiased review. Here are a few myths that have been debated upon in this article.
Blockchain technology is completely untraceable
The huge popularity of the Bitcoin and the Blockchain technology relies on the fact that payments can be made through an untraceable network and ‘ledgers’. Both the sides of the parties – the buyer and the seller never come to know about the path of the payment. However, the recent case of DAO attack on Ethereum has led to shattering in this understanding of privacy. It gives us an idea that the entire system can remain vulnerable if proper cybersecurity measures are never undertaken. A simple error in code due to the inclusion of the ‘human error’ factor can lead to disastrous effects.
Security and breaching of the Public Key Infrastructure:
Blockchain technology is based around the Public Key Infrastructure framework, where an owner is assigned a private key for their identification. This private key is then protected inside this framework by incorporating cryptographic codes assigned for the purpose. It is presumed that these cryptographic codes are not susceptible to any foreign attacks. Quite to the contrary, in 2018 alone about $1 billion of cryptocurrency was accounted to be stolen by hackers. This was attributed to the fact that E-wallets (for management of cryptocurrency) that are downloaded on mobile devices are sometimes connected to public networks which are generally unsafe. This leads to the tracking of information by any hacker who has invaded such public networks.
Government frowning upon Blockchain technology
There has been a lot of speculations around the usage of this technology that has been frowned upon by governments. This is because of the fact that cryptocurrency has the potential to allow illegal transactions to take place anonymously. Thus, it can be a path forward for all criminals to make and store money without being caught by the government at any point in time. Although partly true in nature, there are a lot many governments who have approved of private-public partnered hybrid Blockchain technology that seems to keep this problem at bay. This is still in the early days of inception but the government hasn’t failed to recognize its virtues and values over its vices as well.
Considering the falsification of the myths as well as the true concerns with regards to this technology, it can still be claimed that Blockchain holds the potential to revolutionize industries in the future. The trend in massive investing opportunities carried out by investors in this arena is the sheer proof to substantiate the claim. The day is not too far away when we can recognize the implementation of this technology as a conventional source of online payments across different markets and fields.