The rise of Bitcoin has pushed forth the phenomena of Block chain into people’s awareness. Bitcoin (and Block chain too) came into inception in the year 2009 and it is developed by the alleged founder of Bitcoin, Satoshi Nakamoto. However, with popularity, also comes along myths that have become viral in mainstream media. In this post, we will look to highlight some of the viral myths about Block Chain and its alleged consequences in real life. Stay Tuned!
1.Block chain is related to illegal activity:
Nothing can be further from the truth. Just like the highway, internet and other public utilities, Block chain too can be used by any individual. The aim of Block chain is to provide immunity against data tampering. However, assuming that the block chain is useful only for the illegal activities would be a very harsh assumption.
2.It cannot be hacked:
Block chain can be hacked, but only if more than 51% (usually more) miners collude with one another. The chances of such cooperation is highly unlikely as it would also require massive computational resources along with cooperation from a lot of miners.
3.All block chains are open:
Private block chains allow the data to be hidden from the public eye. Banks and other data sensitive systems are planning to incorporate Private block chains so that data mining and data hacking can be prevented to nearly 100%. Technology has eroded our data privacy. However, with the emergence of private Block chain, keeping the data safe from the prying eyes could be easier than one would have thought of.
4.Block chains are only applicable to Bitcoin (and other cryptocurrencies): :
Wherever data needs to be kept safe, the block chain technology can be used for it. Be it in real estate, banking system, payment gateways, birth, school certificates and medical records and what not.
The myth of Data security and Data immutability
It should be noted that the data especially in a public block chain can be viewed and even hacked (very difficult though) in case of private block chains. However, where the block chain stands out from other distributed ledgers is that the data inside it cannot be tampered. Theoretically speaking, it can be tampered, but only after obtaining nearly 70% of the mining nodes, a feat nearly impossible to achieve.
Block Chain Development
Block chain is revolutionizing the world due to its ability to strongly resist data tampering. The decentralized technology has provided massive value to crypto currencies and it is now to looking t unleash its potential for other industries also.
There are infinite scenarios where Block Chain technology can help in keeping the data safely. At PieTreeTech, we are abreast to the trending technologies for creating an efficient Block Chain, which can be adapted for various industries. The key advantages of smart contracts and hyper ledgers can be incorporated very easily by our skilled block chain developers. Contemplating about Block chain development in any capacity? Get on call with us at +91 8884708110 and we will elaborate everything about Block chain according to your bespoken requirement.