The Blockchain technology, the technology on which Bitcoin is based became popular a few years after Bitcoin became a worldwide sensation. Since arriving at the middle of the scene, there have been many different opinions about the strength and uses of Blockchain technology. Some thoughts concerning Blockchain are: what it is, what it can do, and how it can completely change the quality of human existence on earth. While the Blockchain Misconceptions remains a major bone of contention among cryptocurrency enthusiasts, Sebastien Meunier has taken out time to explain what Blockchain is all about.
Sebastien Meunier is a startup mentor, a speaker at fintech, a strategy consultant expert in the management of global transformations in financial institutions, and a financial service advisor. As a former banker, Sebastien is focused on helping banks get more efficient in addition to helping them redefine their businesses.
Apart from being a former banker and a strategy consultant, Sebastien Meunier is also a technology enthusiast and is interested in any way that technology can be applied to financial systems. Through the use of FinnoWorld, his personal blog, Sebastien has been able to share his understanding of revolutions in finance around the world.
The Blockchain Misconception
A lot of believers in Blockchain are of the opinion that Blockchain is an innovative technology and is going to be responsible for making all the systems of the world good. It is also believed by this group of people that Blockchain can help end the world’s problem of hunger in developing countries, help end wars and could even go as far as preventing any form of financial crises. In as much as these assumptions and beliefs in the power of Blockchain technology are enough misconceptions, there are still some more misconceptions about the power of Blockchain. Some other Blockchain Misconceptions also state that Blockchain will make banks go out of business by the year 2026, and will change the accounting sector of every financial institution.
In as much as the above alleged abilities of Blockchain are good to the eyes and mind, they are mere misconceptions and do not hold water.
Blockchain is not magic
Unknown to a lot of cryptocurrency enthusiasts, the Blockchain technology is not a single entity. It is however a perfect blend of two already existing but quite unpopular technologies. These two technologies are PKI and P2P protocols. Now, contrary to the notion that a lot of Blockchain believers have, Blockchain is not the solution to all of life’s challenges. It however, could be one of the solutions to the inefficient and centralized manner in which a lot of businesses are run.
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