175

Myths, Realities and Future

information in Blockchain and give access to pharmaceutical companies to make

money.

10.4.19  Myth 10: Blockchain Is Bitcoin and Bitcoin Is Blockchain

There is a common misconception that Blockchain and Bitcoin are one and the same

thing. Bitcoin was the first application of Blockchain. Moreover, Bitcoin is more

famous than Blockchain, and thus, individuals become confused between the two

and mistakenly use Bitcoin to mean Blockchain. However, this is just a myth. This

myth is extensive, since many individuals assume that Bitcoin Blockchain is the only

Blockchain and that the two can be substituted for each other.

10.4.20  Reality

Bitcoin and Blockchain are not the same, but they are very closely related. Blockchain

is a technology that allows P2P transactions to be written in a spreadsheet distrib­

uted across the network. In Blockchain, everything is transparent and permanent.

Changing or removing a transaction from the ledger is not permitted to anyone. On

the other hand, Bitcoin is a cryptocurrency that allows direct e-payment between

two parties without any intermediary or third party such as a financial institution.

Bitcoins are generated and loaded in a virtual wallet. Blockchain has several addi­

tional potential usages in all business areas, comprising supply chain, insurance,

identity verification and medical (Hall, 2019).

10.4.21  Myth 11: Blockchain Is Developed for Big

Companies/Commercial Communications Only

Considering the strength of Blockchain and going by the experts in Blockchain, it is

believed that Blockchain will transform the world as well as the worldwide economy,

just as dot-coms did before the 1990s. Therefore, it is open to large companies and

restricted to business interactions. The myth that Blockchains are only for big busi­

nesses may stem from the fact that there are indeed many large companies working

on Blockchain projects.

10.4.22  Reality

Blockchain clearly defies the myth that it is designed for business interactions only.

It is accessible to everybody ubiquitously. All anyone needs is an Internet to employ

the Blockchain. Thus, it can be clearly seen that many individuals globally will be

able to interrelate together. Blockchain is surely not meant for big businesses only.

Non-corporate users or small companies can also employ Blockchain. It is designed

in such a way that it can be scaled to fit the needs of the user, thus paving the way for

a wide variety of individuals, groups, businesses and non-business users to benefit

from it (thenextweb, 2018).