Hey everybody. Jason King here from KingslandUniversity.com, Kingsland School of Blockchain at Kingsland University.
The first and only accredited school for blockchain development in the world. Counting down the top 99 questions about blockchain technology. Today’s question is… What is the biggest misconception about blockchain?
This one’s pretty easy for me to answer. Blockchain is much bigger than cryptocurrency. Most people, when they think about blockchain, they think about bitcoin, think about ethereum, think about ripple, think about EOS, think about all of these tokens and cryptocurrencies that get so much of the spotlight.
But the truth is, all of those cryptocurrencies. They’re just an app. They’re just an app that using blockchain technology. They are the first killer app, for sure. Without them, we wouldn’t have gotten worldwide recognition for this powerhouse of what blockchain does.
But, blockchain is so much more than that. Blockchain is actually just the platform that allows for cryptocurrencies to exist. So there’s things like, smart contracts. Which is a programmable agreement between you and I on how something has to happen. If I’m buying goods from you, we can set up an agreement that if you’re sending me a digital good that as soon as I receive the digital good we have a smart contract that then releases funds for it. So that you and I don’t have to trust each other to actually do business. And that’s really, really powerful. And that’s just one example of thousands of use cases that blockchain has and will be used for in the future.
So, that’s the biggest misconception that I think there is about blockchain is that blockchain in the world is so much bigger than cryptocurrency. I’m Jason King, KingslandUniversity.com. Take care.