1

1 ^Blockchain

Distinguishing Facts

from Myths

N Ramachandran, N K Shiju,

Salini Suresh and Anubha Jain

CONTENTS

1.1

Introduction.......................................................................................................2

1.2

Overview of Blockchain....................................................................................2

1.2.1 Major Benefits of Blockchain................................................................2

1.3

Myths versus Reality.........................................................................................3

1.3.1 Blockchains Are Public.........................................................................3

1.3.2 Blockchain Is the Same as Cryptocurrencies........................................3

1.3.3 Blockchains Can Never Be Tampered With..........................................4

1.3.4 Free Blockchain.....................................................................................4

1.3.5

Smart Contracts Have the Same Legal Value as Regular Contracts......... 5

1.3.6 Blockchain Is Going to Change the World............................................5

1.3.7 There Is Only One Blockchain..............................................................5

1.3.8 Blockchain Is a Cloud-based Database..................................................5

1.3.9 Blockchain Is Used for Nefarious Purposes..........................................6

1.3.10 Blockchain Is Only Used for Cryptocurrencies.....................................6

1.3.11 Blockchain Is “Trustless”......................................................................7

1.3.12 Blockchain Is a “Truth Machine”..........................................................7

1.3.13 Only Leading Developers Can Create Their Blockchains....................7

1.3.14 Blockchains Can Be Used for Anything................................................7

1.3.15 Blockchain Transactions Are Anonymous............................................8

1.3.16 Blockchain Can Power the Global Economy.........................................8

1.3.17 The Blockchain Ledger Is Locked and Irrevocable..............................8

1.3.18 Blockchain Is Designed for Business Interactions Only.......................8

1.3.19 Blockchain Will Remove All Intermediaries........................................8

1.3.20 Transactions on a Blockchain Are Automatically Immutable...............9

1.3.21 Distributed Ledger Technology and Blockchain Are Synonymous......9

1.3.22 Blockchain Is a Database.......................................................................9

1.3.23 Blockchain Coins Have Physical Equivalents.....................................10

1.3.24 Blockchain Is a Fad..............................................................................10

1.3.25 Blockchain Augments Cyber Crimes..................................................10

1.4

Future Scope....................................................................................................10

1.5

Conclusion....................................................................................................... 11

References................................................................................................................. 11

DOI:  10.1201/9781003138082-1