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Clarifying 5 common misconceptions related to Blockchain

Since blockchain is such a new phenomenon within technological advances, it is easily misunderstood or interpreted incorrectly. Here are five common misconceptions about blockchain that we have clarified for you.

  1. Blockchain is all about money?!
    Reality —
    This assumption comes from the popularity of cryptocurrencies such as “Bitcoin is the only use for blockchain”. While cryptocurrencies are the most popular use for blockchain platforms we cannot deny the fact that currently, blockchain has a lot of other non-monetary uses such as identity management, supply chain, land registry, and anything to do with authenticity.


The history of blockchain doesn’t go back very far. But it does go back to the early 1990s when a pair of physicists, Stuart Haber and W Scott Stornetta, were trying to solve a big problem, how to keep the past secure, and keep digital information safe and resistant to tampering?

In 1991, they published the first paper to outline the use of a chain of cryptographically secured blocks to preserve the integrity of past information and protect it. They had no idea at the time that ideas presented could be used to be formed new currencies or build the…


To begin, what is Blockchain? For having a large scope and huge possibilities the term blockchain could mean different thing to different people. For technologists, blockchain is the driving force behind the next generation of internet. For businesses and finance, it is a distributed ledger for keeping records of all of the transactions. For developers, it is a set of protocols and encryption technologies for securely storing a data on a distributed network. For artists, it is a whole new way of distributing the art in the market. For the people of supply chain, it is all about keeping track…


The concept of Blockchain was first used in the context of bitcoin, the digital currency that emerged in the year 2009. bitcoin was launched with the intention of simplifying online transactions by bypassing government control of currency. While the usage of bitcoin has been growing, with companies like Microsoft, Paypal and many other well known firms now accepting bitcoin as a form of payment, the blockchain’s potential is not limited only to cryptocurrency.

During the next twenty years, Blockchain has the potential to change our life in the same way the internet has changed our life during the past two…


Image Source: eSatya

Blockchain is the ingeniously simple technology behind Bitcoin. But it is much more than that. It is a public ledger to which everyone has access, but which no single person controls. It enables companies and individuals to collaborate with an unprecedented degree of trust and transparency. Despite the incredible potential of blockchain to reshape the world as we know it, there is still little understanding of what it is, what it does and why it is so revolutionary.

The fundamental component of any business is trust. To verify the trust, we’ve added friction — which adds cost and time. We…


A simple yet effective idea brings in a revolution. This is true even with respect to solving complex problems. For every complex problem that we have, there is often a simple solution. Those who are capable of taking a step back from the conventional wisdom and approaching a problem in a fresh, innovative way often are able to make conceptual breakthroughs that untangle the knot of complexity. This principle of simplicity is universally applicable. The way one addresses and executes the steps to tackle a problem in hand can make a big difference and in some cases it can also…


No doubt, blockchain is one of the undeniably genius inventions of modern generation. It has been evolving ever since its creation in 2009 by a person (or group of persons) known as Satoshi Nakamoto. The word “blockchain” has never failed to capture attention every time it is talked about. Very few people have knowledge of what it actually is but the widespread popularity of the word itself attracts people in the conversation and the main question every single person is asking is: What is blockchain?

Blockchain for all (Image Source: eSatya)

A blockchain, originally is a growing list of digital records, called blocks, which are linked…


Although blockchain technology has been around for a few years, 2017 was the year it really took off. Bitcoin, the most well known application of blockchain technology, hit NRs. 21,00,000/- a coin. So, what is blockchain? How does it work? I try to explain what blockchain is without technical jargon.

Blockchain technology enables network of computers to maintain a collective record keeping via the internet. This record keeping or bookkeeping is open-source and copies of digital ledger is distributed across the network members called nodes. Each node in the network owns full copy this ledger.

Why Blockchain Technology? Image Source

In a blockchain, each time…

eSatya

We are a Nepal based blockchain development company. We specialize in Hyperledger and Ethereum.

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