By now, you’ve probably read a lot of articles either with blockchain – or against it. It certainly seems like there’s a myriad of reasons not to use it, or to be afraid of it. It’s like the blockchain bingo. Which ones have you heard?

1. Blockchain is dangerous.

Here’s one you’ve probably heard a lot. Certainly, it seems to be an idea that is widespread and widely believed. Blockchain is dangerous. It’s perfect for criminals.

It’s impossible to deny that blockchain attracts criminals because of its anonymous, decentralised nature. However, so can common currency. The internet’s perfect for criminal activity. The benefits of blockchain outweigh the threat of crime.

In addition, a substantial amount of the fear surrounding criminal activity on blockchain is realistically fear of cryptocurrency. Cryptocurrency is merely one aspect of blockchain, and blockchain has endless uses outside of it. There’s far more to it than its financial capabilities.

2. It’s useless.

Blockchain is useless – there are other technologies that can do the same thing.

While this might seem like a convincing point, the reality of it is this: no, there isn’t.

Nothing can do what blockchain can. That’s why it’s so valuable. It’s permanent, decentralised and it’s resistant to change. These are the three aspects that make the technology so appealing. They can’t be replicated by traditional or cloud software.

3. It’s volatile.

We’ve said it before: Blockchain is not the same as cryptocurrency.

Crypto merely uses blockchain. As such, when cryptocurrency has fluctuations and experiences crashes, it doesn’t mean that blockchain technology is affected by it (except in perception). Blockchain is a decentralised database. Cryptocurrency is the currency that uses the database.

4. It can do anything.

Blockchain isn’t all-encompassing.

It can’t, for example, replace human trust entirely. It can make business communications a lot easier, however, and foster a sense of natural trust. It’s a good, solid foundation for a lot of industries. However, it’s not going to save the world (at least – not on its own).

5. It’s just a fad.

If blockchain is ‘just a fad,’ it’s one that’s been going on for a while now. It was ‘created’ in 2008 when the Bitcoin network was proposed by Satoshi Nakamoto. Over ten years later, it’s still around. In the last few years, cryptocurrency has experienced a multitude of fluctuations that have inevitably earned it – and in turn, blockchain – a reputation as merely a trend based upon hype.

While blockchain’s failure might appeal to some, especially in traditional businesses, it’s unlikely to happen.

In reality, blockchain is going to be hanging around for a while. Many sceptics have even come around to see its potential. Even world leaders are beginning to take it a bit more seriously now (though the jury’s still out on crypto).

6. All blockchains are the same.

To put it simply: this could not be more wrong. There’s a whole variety of blockchain protocols, including Ethereum, Bitcoin, Tron, Ripple and Hyperledger. Each protocol has a different TPS (transactions per second), different capabilities and a unique purpose.

For example, Bitcoin is limited outside of cryptocurrency trading. Ethereum, on the other hand, has much more potential for expansion, including the ability for developers to create DApps.

There are a lot of myths about blockchain out there. Some have truth to them, but it’s a limited truth. Blockchain isn’t evil – and it’s also not so amazing it will change the world, either. The reality is a lot more boring and reassuring: blockchain is a reliable, transparent solution that needs time to come into its full potential.

STAMP is Blockhead Technologies’ blockchain-backed platform. It’s bringing transparency and accountability into supply chains. Click here to find out how.