Blockchain: Knowing the facts from the fiction

Have you ever read up on new technology and thought this is for me or my business? No, us either. There is so much information out there that it can sometimes be confusing to work out what’s fact from fiction. In this blog, we will go over a few facts and fictions on Blockchain and how you should not believe everything everyone is saying. 

Our VDX platform is agnostic and can run on any blockchain protocols while being adaptable to any customer-driven file format. The blockchain technology behind our platform is unique and will easily adapt to what you currently work with. Although while this might be the case for us, this is not always the case for all other blockchain solutions you see out there.  This is where the information on the internet can be useful but could prevent us from making decisions. Below are 6 facts and fictions on Blockchain which we think you should know to make the right decisions:

Facts

1. Different kinds of blockchain networks exist, including both public and private. Fact! There are two main types of blockchain networks: public and private. Our platform can run on both.

2. Blockchain is only as secure as the weakest link in the network. Fact and Fiction! While blockchain technology itself is tamperproof and super secure. You need to make sure the infrastructure used to input the data and transactions entered into the blockchain ecosystem has the proper security.

3. Blockchain use cases exist in many industries. Fact! Many people think blockchain is restricted to just being used in the world of finance. This is incorrect – there are many use cases in the world of blockchain being used across all business aspects and sectors.

 

Fiction

1. Blockchain is the same as cryptocurrencies like Bitcoin. Fiction! But we get where you are coming from, and you are not alone in thinking this. Blockchain is the technology behind bitcoin which manages the records and transactions conducted using cryptocurrency and, due to its transparency and its immutable characteristics, it ensures that no Bitcoin is spent twice. Multiple types of cryptocurrencies can also use Blockchain.

2. Blockchain is useless to IoT. Fiction! Blockchain could be your missing link for transformational IoT projects. Using blockchain technology, allows IoT practitioners to bring transparency and security to decentralised transactions across their operations.

3. Blockchain solutions can’t be integrated into current software or API platforms. Fiction! Our blockchain solution CAN be integrated into your current system or we can work alongside your team to customise our white label engine for you!

Well does that make sense? Did our fact to fiction help solve your burning questions? Our blockchain platforms offer you a solution that is highly secure and easy to use. Our platform can be brought as a ready-made off the shelf package or customised in more detail to suit your needs so get in touch today with our experts and see how we can solve your problem.



Interested to read more?

Bitnami