By Venkat Nallapati, founder and CEO, KryptoPal
Since propelling into mainstream media in the early 2010’s, blockchain technology has generated a great deal of interest and attention. This disruptive technology serves as an alternative to centralized data storage. Rather than having data stored on one or multiple servers that can be corrupted, blockchain is distributed among computers. This allows for complete security and transparency because no single entity can possess the system.
Although blockchain has captivated business sectors across the world, there are still several misconceptions about the technology and its applications. Here’s the list of myths and what you really need to know:
Myth 1: Blockchain and cryptocurrency are the same thing
Cryptocurrency is the first and one of many applications of blockchain technology, but blockchain itself is much broader. Cryptocurrency is a method of exchange that’s stored into the blockchain to facilitate trade. Unlike physical money, any asset can be traded via cryptocurrency. Additionally, money can’t be spent twice because cryptocurrency can’t be duplicated. Each transaction must be verified for it to exist in the blockchain. Verification is completed using a form of math called cryptography, and once a transaction is verified, it cannot be altered in any way.
Myth 2: Cryptocurrency has no commercial applications
Cryptocurrency can be used for anything, including commercial exchange. While cryptocurrency has the ability to be transacted in any context, there is no easy way to transact across applications. This is where KryptoPal comes in — we work hard to simplify and streamline cryptocurrency adoption in the consumer marketplace by powering up these mobile/web apps, IoT devices, and point-of-sale systems to enable large suites of users. KryptoPal is committed to bringing merchants, businesses and end-users together seamlessly. Since the transfer of money and other assets will always be in high demand, KryptoPal is the future of connecting apps to handle these transactions.
Myth 3: Blockchain is a fad
Blockchain is revolutionary, eliminating middlemen when engaging in trade, making transactions faster and cheaper. While blockchain is still in its early years, it’s expanding markets in innovative ways. KryptoPal is helping to expand the applications of blockchain by empowering people worldwide with the latest technologies.
Myth 4: Cryptocurrency’s most popular use is for illegal activities
While it’s unfortunate that cryptocurrency has been associated with illegal activity, no technology is inherently good or bad. In fact, blockchain has the ability to empower the world. One notable example is that cryptocurrency is being used to aid the refugee crisis by means of cryptocurrency credit cards. This application allows people to send victims funds, even though many don’t have bank accounts. Additionally, it can streamline supply chains by reducing transaction costs.
The day is fast approaching when cryptocurrency will be as familiar as swiping a credit card. KryptoPal strives to be the leader in bringing cryptocurrency, distributed ledger, blockchain, and other emerging technologies to the global digital marketplace with quick adoption and agility as they develop and mature.