173

Myths, Realities and Future

Ethereum, Hyperledger, Corda, and IBM and Microsoft’s Blockchain-as-a-service,

are examples of different types of Blockchain in the present world.

10.4.9  Myth 5: Blockchain Can Be Used for Anything and

Everything, or Blockchains Can Be Used Everywhere

This highlights the myth that Blockchain is ubiquitous and can be used for anything

and everything; Blockchains can be used everywhere. However, in its present form,

it has certain restrictions, which defy the above point.

10.4.10  Reality

This is connected to the assumption that in future, Blockchain and smart contracts

will substitute for many assets, like money, lawyers and other arbitration bodies.

Blockchain represents resource management and contracts (depending on the algo­

rithm) that cannot be changed. In other words, whenever resources are involved, it is

hard to resolve disputes with the software.

10.4.11  Myth 6: Blockchain Can Be the Backbone of a Global Economy

The myth about Blockchain is that it can be an integral part of the global economy.

10.4.12  Reality

Blockchain is independent; no agencies, national or corporate, are involved in con­

trolling it. Hence, it is assumed to be private. Blockchain acts as a backbone for the

various encrypted, trusted cryptocurrencies: Bitcoin Blockchain, etc. In a survey, the

Gartner report asserted that Blockchain is similar in scale to the National Association

of Securities Dealers Automated Quotations exchange Network (NASDAQ). A

Blockchain network can be converted into a financial network for a global economy.

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

Another myth about Blockchain is that the Blockchain ledger is locked and

unchangeable, i.e. Blockchain data cannot be changed once updated because of

inability to modify the data block once it is created. Big transaction databases such

as bank records are usually private and linked to particular financial organizations.

In Blockchain, the code happens to be public, and transactions are certifiable. Also,

the network is cryptographically protected. This ensures that fraudulent transac­

tions like double spends are disallowed by the network, preventing fraud. Moreover,

redrafting important transactions is in no way in the financial interest of members,

as mining the chain offers financial motivation in the form of Bitcoin.