164

Blockchain Technology

10.1  INTRODUCTION

Blockchain is a distributed software network that works as both a digital logger

and a tool that securely transfers assets without a third party. It refers to a chain of

blocks that holds information. A Blockchain gathers information in clusters called

blocks that contain sets of information. These blocks have storage capacities and

when filled, are chained onto the blocks filled earlier, creating a sequence of data

called a Blockchain. Blockchain timestamps digital documents, preventing them

from being backdated or tampered with (Guru99, 2020). A Blockchain network

allows almost anything from currencies to land deeds to votes to be tokenized, stored

and replaced. Blockchain provides a quicker, more competent way for businesses to

transfer, receive and track orders through secure data. This technology is poised to

change nearly every facet of our digital lives. Many innovative uses of Blockchain

10.4.12 Reality.............................................................................................. 173

10.4.13 Myth 7: The Blockchain Ledger Is Locked and Unchangeable/

Unable to Modify the Data Block Once Created, or Blockchain

Data Cannot Be Changed Once Updated......................................... 173

10.4.14 Reality.............................................................................................. 174

10.4.15 Myth 8: Blockchain Records Can Never Be Hacked or

Changed/Blockchain Technology is 100% Trustworthy, or

Blockchains Are Truth Machines.................................................... 174

10.4.16 Reality.............................................................................................. 174

10.4.17 Myth 9: Blockchain Can Only Be Employed in

the Financial Area............................................................................ 174

10.4.18 Reality.............................................................................................. 174

10.4.19 Myth 10: Blockchain Is Bitcoin and Bitcoin Is Blockchain............. 175

10.4.20 Reality.............................................................................................. 175

10.4.21 Myth 11: Blockchain Is Developed for Big Companies/

Commercial Communications Only................................................ 175

10.4.22 Reality.............................................................................................. 175

10.4.23 Myth 12: Smart Contracts Have a Similar Legal Value to

Regular Contracts............................................................................ 176

10.4.24 Reality.............................................................................................. 176

10.4.25 Myth 13: Blockchain Can Store Documents.................................... 176

10.4.26 Reality.............................................................................................. 176

10.4.27 Myth 14: Blockchains Are Intended Only to Aid Money

Management..................................................................................... 176

10.4.28 Reality.............................................................................................. 176

10.4.29 Myth 15: Blockchains Consume High Volumes of Energy,

Increasing Costs............................................................................... 177

10.4.30 Reality.............................................................................................. 177

10.5 Conclusion..................................................................................................... 177

10.6 Future Scope/Directions................................................................................ 178

References............................................................................................................... 178