Since its inception, the word ‘blockchain’ has been plagued by negative connotations. From cryptocurrency to hacking to crime, its reputation has stymied its growth, and many still associate the technology with corruption and criminality.
The negativity that plagues blockchain has been somewhat reduced in recent years, but it continues to hang around in the minds of those who make decisions.
Blockchain’s reputation is intricately tied with cryptocurrency – primarily Bitcoin – and crime. This is because, in recent years, some criminals have found blockchain as an excellent contender for the black market in anonymity.
However, blockchain’s value is much further reaching than crime. Its worth is in its ability to track data, ensure data transparency, and secure company information. It removes the requirement of trust between companies, removes intermediaries, and providing a single source of truth.
Blockchain’s reputation goes much further than crime. When discussing blockchain’s negativity, we talk about 51% attacks, data modification, storage and electricity consumption. In reality, many of these aren’t issues when it comes to blockchain’s primary value: corporate data.
How we can mitigate the negativity
By discussing the reality of blockchain and dispelling popular myths, we can mitigate the negativity surrounding blockchain’s reputation.
In a corporate blockchain system, most will be private and permissioned. 51% attacks – one entity controlling more than 50% of the hashing power – are very unlikely and they are also largely irrelevant when it comes to private blockchains. In addition, issues such as power consumption and storage issues are far less problematic on private ledgers.
Blockchain is, especially in the public sphere, still growing and maturing. There are many aspects of blockchain that we will need to navigate as the challenges come. This is largely because, at just over ten years old, the technology is still in its adolescence.
It will require real-life implementations from global companies to allow it to reach maturity and be truly valuable across businesses and industries. This will require larger companies with capacities for innovation to lead the way.
Blockhead Technologies is bringing blockchain into data tracking with STAMP. STAMP extends across fuel, supply chains and can track virtually any asset. You can find out more about STAMP here or contact us here for a demo.