We Totally Misunderstood Blockchain

Ironically, several banks, such as HSBC and JPMorgan Chase, have also developed their own blockchain arms - the same entities blockchain was supposed to replace.

Slow to adopt - but finally adoptingGovernments and politicians were regularly called out for their failing to comprehend blockchain technology.

Contrary to public blockchains such as Bitcoin or Ethereum, not just anyone can join a private blockchain.

In private blockchains, there is no need for "Rewards." Typical blockchain projects must pay the nodes for the work they do and the energy they consume.

Public chains require consensus from a majority of the participating nodes - and if there is a disagreement, it can lead to a split, where a new blockchain is born.

"In the near term, more projects will probably use private to learn the onboarding process and use that first, adopting public blockchains where appropriate or required," said Nate D'Amico, the chief technology officer of the Nem Foundation, a provider of blockchain technology capable of taking the form of both a public chain and a private solution.

The real use of blockchainIt turns out there are some actual advantages in using blockchain technology, even for enterprises.

Where several competitors need to collaborate, blockchain offers the ideal medium to cooperate in a trustless environment without giving too much power to one party.

The middlemen are here to stayContrary to popular belief, it seems that blockchain is not going to replace central authorities.

Just like most other technologies, finding a human-computer balance is the best use of blockchain.