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Blockchain Stereotypes - Questions We Always Wonder
This is a special commentary piece by Morpheus Labs. The feedback we often hear, questions often asked by the general public, myths and stereotypes cognate with Blockchain. The article is a commentary piece by a team of enthusiasts within the Morpheus Labs community. It should be read with an open mind and a pinch of salt. There might be things you may or may not agree with, perceptions and views that may not be aligned with yours. We hope this special commentary piece will shed some light on questions the wider public always wanted to hear.
If you like this piece, we hope you can share this article on your social media and help bridge the gap between the blockchain community and the wider public. If you disagree with this piece of article, kindly also share it and let us know why, at Morpheus Labs, we always welcome feedback and sharing sessions. It helps the community and us grow as a whole.
** Kindly note that this article is by a team of enthusiasts ladled with personal feelings and personalised views on certain issues/questions. The views in this article do not reflect or represent the official position of Morpheus Labs as a company. Morpheus Labs takes a neutral stance on such issues and will leave it to domain industry experts, best in their respective fields to address any issues **
Rudiments Myths of Blockchain
There are many issues and questions that have been asked and will continue to be, in the foreseeable future. These are some questions that are most commonly asked and the Morpheus Labs enthusiasts will give our take and position on it. For certain points, we have (or will have in the near future) dedicated articles related to it. Therefore, the answers here have been summarised.
… is Bitcoin (or Ethereum or any other cryptocurrency)
We understand if many people assume Blockchain = Bitcoin. This is far from reality. Bitcoin or Ethereum is only one of the many cryptocurrencies applications of blockchain. Blockchain technology can be adapted and adopted to suit other applications and requirements.
- Blockchain does NOT equate to just Bitcoin (or Ethereum)
… is hack-free and impenetrable
This is slightly tricky at first glance. The data input is not permutable, meaning it is fixed, literally forever. However, Blockchain system security is also dependable on other applications in the ecosystem (e.g. if other applications have been breached, it may mean a different outcome)
- Blockchain is safe and secured but overall security is dependable on situation
… data is unchangeable
Data once entered into a blockchain is fixed. Only in an unlikely scenario where more than half of the decentralized system network (computer) are controlled and have the data amended, then it may happen. However, this scenario is virtually impossible. Winning a massive lottery is statistically a more likely scenario.
- This is by and largely true to a great extend
… data is 100% accurate
This statement is both accurate and not accurate at the same time, depending on the angle you are looking at.
Yes — Blockchain is unchangeable, able to track and verify any transaction contained in the blockchain data.
No — the data logged in cannot be assessed or verified if it is accurate. If the data logged in the first place is false or untrue, the data retrieved may actually be worthless or even detrimental.
- It depends greatly on the angle you are looking at
… implementation will guarantee a cost reduction benefit
It depends on the industry and sector you are in at this point in time. Certain industries like banking, aviation and supply chain will benefit from adopting blockchain technology if implemented correctly. If you are in the arts, property and mining sector, maybe it is not time yet to implement blockchain technology at this juncture.
- Yes, for certain industries and sectors, it can greatly reduce cost. However, kindly keep in mind — like any other business, the raw cost of implementing blockchain technology may be a slightly costly affair. The paradox of spending money to save money long-term.
… main usages? Will it drive future technology?
Highly debatable. Blockchain technology primarily has two (2) main functions.
Record management and data storage –
Registering data, checking identity, log smart contracts conditions, etc
Exchange, payment, coin offerings, BaaS (Blockchain-as-a-Service), etc
- Yes, there are 101 ways (figuratively speaking) to apply the technology but if we were to summarise it, it would boil down to these two (2) main uses. From there, it can be branched out to many other uses and applications. Blockchain certainly brings many options to the table, solves a number of existing issues, and streamline certain experiences. For now, we cannot say or assume it will drive future technology as Blockchain is still considered in its infancy. There are still many teething issues to be resolved or addressed for it to be mass adopted by the general public.
… is only for experts
Nope. Some of you may be thinking, what about those back-end developers for Blockchain, aren’t they industry experts that have been dabbling with this their whole lives? We can say that this is true across all industry spectrums. In any field at any industry in whichever sector, across the globe. Blockchain is like any other subject field, if you put your heart into learning and understanding, chances are, you would be able to understand this subject and put it to relevant use.
… technology is suitable for all industries and sectors
Blockchain technology (as of the current development stage) is more useful in certain industries than compared to others. For example, the stakeholders in the supply-chain link will benefit from a more robust, secured and accurate exchange of information that can be brought about from implementing Blockchain. However, in the mining sector, arts and performance area, there isn’t really a need for implementing Blockchain technology.
- The stage where Blockchain technology is today is useful for certain industries only. In the future, when Blockchain technology fully evolves or is at a more advanced stage, it may be a different story. Until then, Blockchain only integrates well with certain industries.
This is a highly opinionated commentary piece. There is no “right” or “wrong”, just angles and perceptions that will differ from “each to their own”.
About Morpheus Labs
Morpheus Labs is a Blockchain-Platform-As-A-Service (BPaaS) provider offering mission-critical tools, infrastructure, various blockchain protocols, and blockchain use case references for enterprises and developers to build, experiment and manage their own applications effortlessly at minimal cost and time. Armed with relevant capabilities, the platform offers a multitude of intuitive solutions that enables developers and enterprises alike to take advantage of its platform to build effective solutions for various use cases. Start building for free on Morpheus Labs SEED!