Blockchain technology is not associated with several key technologies such as the internet of things (IoT), artificial intelligence and fog computing by many people. People mostly tend to link blockchain with transactions and cryptocurrencies. Therefore, they completely overlook the bigger picture and the true essence of the blockchain technology. In reality, it is as revolutionizing as the aforementioned technologies. Moreover, the prospect of gathering all these technologies and concentrating their features on one system can surely achieve wonders. This can increase efficiency of the models it is used in by providing exceptional speed, security and transparency. It may be hard to digest the contribution of blockchain technology in all this at first but if we scrutinize the reasons behind it, then we find merely the myths that prevent us to expect more from blockchain technology. The myths, just being myths, are no more than misconceptions that must be dealt to understand the blockchain technology along with its future prospects.
Firstly the most popular misconception people have is that they consider blockchain and bitcoin as interchangeable terms. The reason behind this misconception is that they both originated almost at the same time, although cryptocurrency is just one of the applications of blockchain technology. Cryptocurrency runs on blockchain technology and is the oxygen of all cryptocurrencies. Hence, they should be treated as separate entities.
Thanks to the previous misconception that has caused widespread of another false idea regarding blockchain technology as well. As people are fond of relating blockchain and bitcoin as very similar to each other, they also think blockchain as a public and anonymous platform. Again it must be noted that blockchain supports cryptocurrencies and these cryptocurrencies require all parties to track, verify and agree upon transactions, even when the individual participants remain anonymous. So, it provides services as per their needs. But it is not necessary that blockchain platform has to be such in all cases. For instance, private and controlled platform is deployed in many models to limit participation of people. Big giants such as Microsoft and JPMorgan deployed it to allow only a finite number of people to participate. They build up blockchain capable of handling thousands of transactions per second while controlling the audience to which everything is visible and accessible.
Up till now, blockchain is considered as serving financial services industry only as we hear things mostly related to cryptocurrencies and stocks most of the time. In today’s world, it is used in many different industries. It is used to solve tremendous problems in medical and health industries. A very common problem faced by doctors is not having entire history of the patient. This leads to poor decisions in terms of medication and even causes deaths due to these medical errors. Blockchain has allowed the data of patients to be completely recorded so that a doctor can have all the information he needs before prescribing the medicines.
Blockchain has also opened up the opportunity for tracking a product throughout its trade journey. Companies look forward to minimize the global counterfeiting by devoting a typical signature to each product or component. If blockchain ledgers are implemented throughout supply chains, they can monitor products’ custody and ownership by tracking those signatures. Particularly, food companies can use this application for several reasons. As entire journey of product would be available, food item can be returned if it is found unhealthy or unhygienic. The tampering of product labeling and food stamps will rule out and also the information of health of item could bot be altered in between its course.
The blockchain ledger can also be employed to prevent data breaches that are so common now a days. The personal data of users should be confidential and unavailable to the other users. So, to maintain limited access to public, online databases should be replaced with blockchain ledgers.
Blockchain technology has made our future very bright by opening up new horizons. We need to explore more areas for its application by creating a better understanding. Just like ending up solving problems on large scales, blockchain technology can efficiently deal with all kinds of problems even on smaller scales by providing reasonable solutions.