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Blockchain Technology

restrictions, and users with data manipulation rights can alter the database’s data. In

comparison, blockchain consists of distributed, immutable data connected over the

network. The data may be visible or not visible to people in the chain depending on

the implementation of blockchain.

1.3.23  Blockchain Coins Have Physical Equivalents

The term blockchain coin itself is not entirely true. By blockchain coin, the world

refers to bitcoins. False news is being spread around, saying that bitcoins have physi-

cal equivalents, but this is wrong. The entire world relies on fiat currency approved

by government regulations, which is a physical entity. But bitcoins are encrypted

cryptocurrencies that only have a digital shape and are stored in individuals’ crypto-

wallets. Whenever a user performs a transaction, the number is updated in wallets

and immediately reflected in the blockchain. As it is an immutable ledger, the trans-

actions are permanent. So to participate in bitcoin transactions, a user should have a

crypto-wallet and internet connectivity.

1.3.24  Blockchain Is a Fad

Blockchain is not a temporary fad. Countries like Dubai and China have already

taken a giant leap in developing smart applications with blockchain. Dubai, for

instance, may be one of the capitals of blockchain development. They are work-

ing on many initiatives to create the first city powered by blockchain. As a global

technological leader, China is not lagging behind any other country working

on the blockchain. They are even trying to create a new infrastructure for their

economy.

1.3.25  Blockchain Augments Cyber Crimes

Tampering a blockchain is complicated, and a criminal may need the power of a mil-

lion petaFLOPS for change in the chain, which is the power usually needed to create

or delete a node in the blockchain. Even with this power, it may not be possible to

alter the chain, as it is challenging to tinker with. From a criminal’s perspective, it

may be expensive and unprofitable to work on blockchain hacking.

1.4  FUTURE SCOPE

Many organizations are looking forward to adopting blockchain technology to

develop their business at a cheaper cost without knowing the reality of the myths

revolving around this technology. Organizations have to explore how new technol-

ogy can potentially benefit them instead of changing the organization to fit the new

technology. The best approach to adopting the new technology in an organization is

to thoroughly understand that technology without any misapprehensions and imple-

ment it to reap its real benefit. We desire to carry out future research on the enabling

and constraining factors of block chain technology.