By Marie Tatibouet, CMO of Gate Technology
In the technology driven world that we live in today, the distributed ledger, blockchain, allows digital information to be dispensed in a secure and efficient manner. By allowing digital information to be distributed, but not copied, the technology has created the backbone of a new type of internet for its users.
With the fast developing pace of the blockchain industry and with many sectors now utilising the technology, it is important to address the misunderstanding and confusion of the market that remains. It’s now more important than ever for companies to ensure that customers are not fazed by the myths that circulate the blockchain industry.
Here we take a look at some of the most common myths surrounding blockchain.
Myth #1: Blockchain isn’t secure or trustworthy
One of the main myths related to blockchain is that it isn’t secure or trustworthy, when in fact it is said to be the securest transaction system in the world. Blockchain is a distributed ledger, which means that the elements of the system are stored on a number of different networks and storage for the data is not connected to the same processor. As a result of this, it means that the records cannot be retroactively altered without changing all of the blocks involved. Therefore, this makes it difficult for hackers to change the recorded block without detection.
Myth #2: There is only one…