Three Things Blockchain is NOT
Dec 2, 2021
Despite its maturity, high adoption rate, and of course positive reception, Blockchain is still a relatively new and misunderstood technology. There remain numerous misconceptions concerning it, from corporate and retail users alike. It is important to remember that many of the 'facts' that are thrown around by its opponents are simply not true, and if anything, are more misinformed statements.
In this article, we will provide a deeper understanding of Blockchain technology by debunking a few common misconceptions…
“Blockchain Is A Scam”
Contrary to misconceptions, Blockchain and Cryptocurrency is arguably more secure than our current fiat currencies. Where some governments are merely printing money via quantitative easing (QE) and adding liquidity to their central bank’s treasury, decentralised cryptocurrencies remain provably robust and stable in their supply.
While opponents such as Warren Buffet or Peter Schiff will decry blockchain and cryptocurrency’s “ethereal” digital nature, the reality is, everything we do is digital. And cryptographers and technologists around the world will tell you that the blockchains of Bitcoin, Ethereum, Ripple, Cardano, Litecoin, Solana and even meme coins like Doge and Shiba Inu are all technologically brilliant in their design and architecture. Opponents calling cryptocurrency a scam quite simply don’t comprehend the phenomenal technology at play here.
“Blockchain Is Irrelevant”
Countless new companies are educating themselves on the value of blockchain and what it can add to their business. A common misconception is that the technology is only used in finance. Several industries are progressively utilizing the tech today, including supply chain, healthcare, logistics, manufacturing, digital marketing, cybersecurity, and other areas. So much so that Microsoft, IBM, and JP Morgan (to name a few) all offer enterprise blockchain solutions for companies looking to integrate the technology into their operation. With names like that, it’s tough to make the argument that blockchain is irrelevant.
“Blockchain is pie in the sky”
There is the argument made by detractors that blockchain is merely theoretical, and doesn’t actually work in real world, active applications. Again, as above, this can easily be refuted.
Cybersecurity, process optimization, and seamless integration of hyperconnected services are among the applications implemented by corporations and even governments across the globe. From Supply Chain Management to Healthcare to Insurance, there are already a myriad of examples of blockchain technology currently in application. We could start with De Beers diamonds, who are utilising the tech to trace their minerals from mine to the retail store. Then we could explore Walmart’s already numerous applications, the most prominent being their implementation of the technology to ensure their food is one hundred percent safe and uncontaminated. On the health front there is global healthcare leader Change Health Care who are using the tech for a more reliable payment and account recording system. On a governmental level, there is the FDA in the USA who are, like Walmart, using the technology to ensure the country’s food distribution network is entirely safe from farm to plate.
So, as one can see, the technology’s criticism as being pie in the sky is easily refuted with numerous real world examples. We could go on with a number of additional examples and use cases from companies, startups, governments and NGOs from around the world, but there literally would not be enough space on this blog to run through them all.
The reality is, blockchain is absolutely not pie in the sky, it most certainly isn’t irrelevant, and we can attest that it is not a scam. Having said all that, it is still a nascent technology, and so, unique expertise is needed to navigate the industry, and that’s what MEX Digital is here for. Stay tuned to our blog for more details and examples of how blockchain tech is revolutionising the way the world does business!
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