When it comes to blockchain technology, stiff preconceived opinions are by no means rare. People who are skeptical about it often lack robust knowledge about how blockchain works. Together, these two points make a perfect storm for creating doubt. If you’ve ever tried to explain blockchain to your friends, only to be met with accusations of it being overhyped or unreliable, we’re here to help.
Decentralization: Blockchain operates on a decentralized network, eliminating the need for a central authority and reducing the risk of having single points of failure, censorship, and manipulation. Programmability: Blockchain enables the creation of self-executing smart contracts, automating processes and reducing the need for intermediaries, which saves time and costs.
Identifying niche areas where blockchain aligns with specific needs is crucial to unlocking its true value. This approach, combined with the improvements in performance we’ll talk about below, will drive the increase in real use cases going forward.We have to admit that, to an extent, blockchain has been overhyped by certain players. Some people have certainly looked to make a quick buck. Others have seen the potential and simply been overenthusiastic about blockchain’s promise.
2. Emphasize how blockchain ensures data integrity, transparency, and immutability, reducing fraud and enhancing trust in processes.