If you meet someone savvy enough to understand the basics of blockchain technology, they'll tell you it's the future. There's no question that blockchain's future is promising, but it's still something the vast majority of people don't understand. They may not pay close attention to the tech industry or assume it's too complex to understand.
On the other hand, some people will tell you they're knowledgeable about blockchain technology, but then make assumptions based on their limited research. Or, they simply have a fundamental misunderstanding about the true capabilities of blockchain. Blockchain could be common knowledge someday. For now, too many lies are being spread about how blockchain actually works.
Here are 6 of those lies and misunderstandings explained in enough detail to give you a better understanding about blockchain's future in the tech world.
Blockchain Security is 100% Safe and Unbreakable
Many people compare blockchain's security to an immovable object, but it doesn't take an unstoppable force to break through its complex math and unique software rules. Yes, blockchains are extremely safe. However, it's still possible for malicious attackers to find a way in. It's just very difficult and can be extremely expensive.
In a nutshell, the trustworthiness of any particular blockchain depends on the people who have access to it like any other system. Complex or not, the technology's security has a reputation of being "unbreakable" because each system has their own cryptographic fingerprint unique to every single block and a "consensus protocol," which is the process that nodes in the network agree on their shared history.
It's true that your personal information and data can be stolen, but it's an extremely challenging process to do so. Only an elite number of people can access that information, and the truth is most attackers don't put in enough effort to break through. The silver lining is that blockchain security is only going to become even more sophisticated as the technology continues to develop over the coming decades.
There Are No Errors in Blockchain
Since a lot of misinformed people believe blockchain to have the perfect security system, it makes sense for people would assume its code is the reason why the system is perfect. The simple truth is that blockchains are created by cryptographers and programmers just like any other coded program in the world.
As technically sound and talented as many professionals are, they're not beyond making human errors. Coding is full of a number of mistakes, bugs, and other issues that can sometimes be chaotic. Artificial intelligence is advancing at an astonishing rate, but as long as humans are still crafting blockchain tech's code, there are going to be some errors just like everything else and the Earth continues to spin.