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Blockchain Technology

ready to take to this level. But at a later point in time, it may rule the world with loads

of applications and chains.

1.3.15  Blockchain Transactions Are Anonymous

To an extent, blockchain transactions are anonymous, but not entirely. The transac-

tions are saved with the public address of an individual’s wallet. So, identity is safe.

But now, many start-ups and organizations are working on blockchain and innovat-

ing many tools in this area. Suppose a person is trying to access the virtual public

address of an individual's wallet with a real identity for some purpose. In that case,

there is the possibility to list or track all the previous transactions linked with this

identity.

1.3.16  Blockchain Can Power the Global Economy

Blockchain supporters hype bitcoins and other cryptocurrencies and believe that

blockchain is the global economy’s backbone. But this is not true. The size of the

bitcoin network is not small; it is similar to that of the National Association of

Securities Dealers Automated Quotations exchange (NASDAQ) network, but it is

unlikely to take over any time soon.

1.3.17  The Blockchain Ledger Is Locked and Irrevocable

Today, financial transactions are linked to an institution, such as payment transac-

tions and customer details being mapped to banks. Blockchain has the power of

encryption and verifies transactions, which can even stop the system repaying or

doubling payments. In this case, financial benefits are given in the form of coins

only. However, the computational system is improving its functionalities, and chains

or nodes may be revealed any day.

1.3.18  Blockchain Is Designed for Business Interactions Only

Blockchain started with business interactions only, but now the system is improving,

and also, many institutions are working on this technology to get the most out of it.

A user only needs internet connectivity to be part of a blockchain. So with this wider

scope, many are trying to evolve suitable applications by using blockchain.

1.3.19  Blockchain Will Remove All Intermediaries

At present, the primary consumer of blockchain technology is bitcoin or similar

cryptocurrencies. Bitcoin is primarily used in transactions; then came the myth that

it can remove all intermediaries in traditional financial transactions and additional

charges between the parties. In reality, it eliminates third-party mediators, but min-

ers will act as mediators to validate and add the blockchain transaction. The only

difference is that their name or functionalities may change in a more extensive scope.