Blockchain Technology

1 BlockchainDistinguishing Facts from Myths

N Ramachandran, N K Shiju, Salini Suresh and Anubha Jain

DOI: 10.1201/9781003138082-1

Contents

1.1 Introduction

1.2 Overview of Blockchain

1.2.1 Major Benefits of Blockchain

1.3 Myths versus Reality

1.3.1 Blockchains Are Public

1.3.2 Blockchain Is the Same as Cryptocurrencies

1.3.3 Blockchains Can Never Be Tampered With

1.3.4 Free Blockchain

1.3.5 Smart Contracts Have the Same Legal Value as Regular Contracts

1.3.6 Blockchain Is Going to Change the World

1.3.7 There Is Only One Blockchain

1.3.8 Blockchain Is a Cloud-based Database

1.3.9 Blockchain Is Used for Nefarious Purposes

1.3.10 Blockchain Is Only Used for Cryptocurrencies

1.3.11 Blockchain Is “Trustless”

1.3.12 Blockchain Is a “Truth Machine” ...