Breaking the Blockchain Myths

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Blockchain technology is fast emerging in different industry verticals because it is capable of storing the information in the chain and is nearly impossible to be identified and thus industry verticals like financial services, insurance and mining are widely using this technology for storing and transmitting the information in their value chain.

Blockchain Myths

Blockchain Myths- Blockchain is fast becoming an integral part of emerging technology ecosystem with multiple use cases across industry verticals and we at Pinaki Softcon are at the helm of using this technology for fulfilling various use cases for our clients.  We have not only implemented this technology to bring use cases at living, instead have been pivotal in extending our knowledge base and learnings to the wider community for adoption.  Across the globe, we have deputed our experts who work on this technology and acts as a change agent by imparting classroom and virtual training on this technology. Our expert network solves client problem by using this technology from Backoffice and front office perspective which spans across various geographies along with the heterogeneous digital landscape.

Technology adoption is fast accelerating disruption because technology firms form a major share of companies that entered and exited S&P 500 Index.  Blockchain is one of such technology which is more than just digital because it is distributed along with tamper-proof database which allows participants to share data and transact based on a single version of the truth.  These are also considered as a digital ledger or logs which records electronic transaction that occurs between two parties and these two parties do not know each other and directly engage in a peer to peer network of connected computers.  Rather than relying on the third-party middleman, the network collectively reaches agreement or consensus on which transactions are legitimately using a consensus mechanism.

Once the network approves the transactions, the same gets posted to the digital log.  In this technology, the attempted transactions are first grouped together in a block, which then gets verified all at once (by proof of work mechanism) and added to a long chain of blocks, which is the reason it is called as Blockchain.  These blocks are linked together using cryptography so that it cannot be surreptitiously edited or tampered with the transaction data on a block once it is added to the chain.  The transaction details are transparent and verifiable by the public; however, the identities of the buyer and seller are hidden behind their public username, which is long alphanumeric addresses.

People do confuse blockchain with bitcoin, however, the later uses the technology which is based upon the fundamentals of blockchain.  The creator of the bitcoin ingeniously derived a system using computer networks, cryptography and game theory which is collectively called as crypto-economics and are used for parties around the world who do not need to know each other to conduct and record transactions.  The bitcoin cryptocurrency which is also called as a token is the digital currency that users send to transfer value.  Other such examples based upon the fundamental of blockchain are the smart contracts which are a type of contract written as software rather than being in the legal text.  In theory, contracts written in the software are cheaper to interpret, because their operations are literally mathematical and automatic which makes them difficult to be interpreted and there would be no need for expensive legal battles.

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Article Credit: PT