Breaking Down the Myths: Blockchain for Businesses

Omnichain Solutions in the News: Originally developed in 2009 to track the exchange of the cryptocurrency Bitcoin, blockchain provides organizations with a way to digitize transactions in a permanent, connected ledger. With records centralized for all parties within a secure network, it improves visibility and transparency, which helps for planning and making big business decisions. In recent years, more enterprises have started to look at implementing Blockchain, boosting its hype in numerous circles.

Despite considerable interest in blockchain, the number of business deployment examples remains scarce. In a 2018 survey conducted by Gartner, Inc. of around 300 CIOs, only one percent have actually deployed the technology, eight percent are in short-term planning stages or actively experimenting with it, and 43 percent have it on their radar but have no action plan in place.

The fact is blockchain is a radically new technology. With any major innovation, there are myths and misconceptions, that can deter organizations from fully investing despite discussions of its benefits. To help companies separate fact from fiction and better understand how they can take advantage of the technology. Here we discuss three common myths and truths about blockchain.

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