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Blockchain Technology

1.3.9  Blockchain Is Used for Nefarious Purposes

When a new technology is introduced, users will always go through this kind of

doubt. Many people do not have in-depth knowledge of how distributed, peer-to-peer,

ledger-based technologies work. So, it is easy to be convinced and assume that they

are used for wicked activities. But once we realize the facts in detail, our assump-

tions may change completely [10]. We can consider the scenario of cryptocurrencies

themselves. They are more traceable than actual physical cash, as they rely on the

digital network with immutable ledger-based architectures. Now, even government

authorities are using blockchains in many of their crime tracking applications.

1.3.10  Blockchain Is Only Used for Cryptocurrencies

A common myth about blockchain is that it is only used for cryptocurrencies. But,

this is not the case; blockchain is the building block of some cryptocurrencies, and

the cryptocurrencies can use blockchain features for their implementation. All the

mainstream domains can adopt the features of blockchain and make the applications

more dominant.

For example, as well as the financial domain, the healthcare domain can utilize

the advantages of blockchain, whereby patient data can float between institutions as

nodes. The transactions on patient data can be kept as ledger activities (Figure 1.2).

FIGURE 1.2  One of the many forms of blockchain technology is cryptocurrency.