Despite sensationalism and fear, blockchain is the real deal for businesses

It would seem that blockchain is gaining a bad reputation from many, thanks to the hyperbole being perpetuated in certain quarters. But while sensationalist and negative headlines confuse, a handful of banks are destined to have the last laugh as they move forward with adoption of the technology.

The most common mistake being made, is that the terms “bitcoin”, “cryptocurrency” and “blockchain” are being used interchangeably. Cryptocurrency simply runs on blockchain – or distributed ledger technology – and that’s where the connection ends.

One recent article was titled “Banks claim they’re building blockchains. They’re not” – the article was actually focused on bitcoin and cryptocurrency, meaning a more accurate title would have been “Banks claim they’re using digital currencies. They’re not”.

Such misinformation may lead to a missed opportunity for businesses. Not too long ago, there were similar doubts about cloud computing adoption.In 2015, federal government agencies rejected the cloud for security reasons, but today they’re embracing it because of improved security, according to a recent study by Ovum Australia, commissioned by Macquarie Government.

The survey showed that three years ago, moving data to the cloud was a big no-no for government but the tide has drastically changed in 2018.

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Source: Despite sensationalism and fear, blockchain is the real deal for businesses | afr.com