In a March 2021 online article titled “Experts Tell Us The Biggest Lies Ever Told About The Blockchain Tech” written by Christopher Haruna Hamman and found on Zycrypto.com, Assistant Professor of Entrepreneurship and Innovation, Sanwar Sunny share his thoughts about the topic.
- Decentralization (the power of blockchain) is a myth: Decentralization has characterized much of the last decades of innovations in business models and software. Blockchain is a manifestation of that trend.
- Blockchain is just a way to scam people/conduct illicit business: There is no evidence that suggests, accounting for a proportion of volume, that blockchain-based transactions controlling for other factors have been used at higher rates than traditional currency. Also, most people confuse blockchain for cryptocurrency, which is only a very specific use case.
- Blockchain will change the world: Similar to the HTTPS protocol, blockchain’s future will be on the “application” layer, and not the “protocol” layer. It will be in the background changing the way we conduct business, and not be on the forefront/media frenzy as it is today due to bitcoin’s volatility. It will be so ubiquitous, we won’t know how we lived without it (like the internet).
- Blockchain is just a fad: Large corporations and influencers like KPMG and Citibank are already bullish on Blockchain, in ways that will have drastically changed the market demand for it.