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Discerning between hype and reality: Common misconceptions about Blockchain

Author

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  • Parkhurst, Kelly

    (Kelly Parkhurst, Sandton South Campus)

Abstract

This paper examines the essential misconceptions about Blockchain technology and addresses the means of identifying the truth behind a popular and hotly debated topic. One of the biggest obstacles to Blockchain technology, other than it still being in its adolescent phase, is the number of misconceptions about what the technology is, what it does and what it can do. Many business persons have mistakenly tried to understand the mechanisms of this technology rather than its potential uses, and as a result find the debates that surround it confusing. The most pressing misconceptions that are unpacked in this paper range from the technology’s perceived security, its varying definitions and technology types and the misinformation dispersed by the media. Dispelling these misconceptions will assist the technology in quickly reaching the significant potential that many enthusiasts believe it has.

Suggested Citation

  • Parkhurst, Kelly, 2019. "Discerning between hype and reality: Common misconceptions about Blockchain," Journal of Digital Banking, Henry Stewart Publications, vol. 4(2), pages 119-124, September.
    • Handle: RePEc:aza:jdb000:y:2019:v:4:i:2:p:119-124
    as

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    More about this item

    Keywords

    Blockchain; cryptocurrency; Bitcoin; distributed ledger technology; media; efficiency; future-proof;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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