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Discerning between hype and reality: Common misconceptions about Blockchain
Journal of Digital Banking,
4
(2),
119-124
(2019)
Abstract
This paper examines the essential misconceptions about Blockchain technology and addresses the means of identifying the truth behind a popular and hotly debated topic. One of the biggest obstacles to Blockchain technology, other than it still being in its adolescent phase, is the number of misconceptions about what the technology is, what it does and what it can do. Many business persons have mistakenly tried to understand the mechanisms of this technology rather than its potential uses, and as a result find the debates that surround it confusing. The most pressing misconceptions that are unpacked in this paper range from the technology’s perceived security, its varying definitions and technology types and the misinformation dispersed by the media. Dispelling these misconceptions will assist the technology in quickly reaching the significant potential that many enthusiasts believe it has.
Keywords: Blockchain; cryptocurrency; Bitcoin; distributed ledger technology; media; efficiency; future-proof
The full article is available to subscribers to the journal.
Author's Biography
Kelly Parkhurst is a Senior Digital Product Manager with the Corporate and Investment Bank of Absa and has worked in both the FinTech and banking industry for the past seven years. She heads the team responsible for the research and development of emerging technology solutions for the wholesale bank and is also involved in many strategic projects. She led Absa’s team in one of the first international live Blockchain pilots in the trade industry with Barclays UK and a Blockchain start-up, called Wave, in 2016, and continues to pursue industry-focused Blockchain projects in order to raise awareness on the technology and encourage collaboration. As a result she is regarded as a thought leader in the South African Blockchain community and has spoken at many conferences and events. Kelly’s background includes financial planning and analysis at Absa, setting up a FinTech business in Kenya and Zambia, as well as hosting the South African television magazine show Top Billing. She holds a BA in live performance and a BCom in industrial psychology and is a Chartered Management Accountant.
