Myths about blockchain

Myths about blockchain 600 384 Climatetrade

ClimateTrade is a Blockchain-based carbon credit marketplace. Probably, to a greater or lesser extent, you have heard of this technology and it is likely that you have believed any of the myths spread about it. Today we are going to refute 3 of the most common.

Myth #1 Blockchain = Cryptocurrencies

The first myth is that Blockchain = Cryptocurrencies. This statement is incorrect since Blockchain has many more applications apart from cryptocurrencies, such as tokenization or the registration of documentary evidence. Besides, there are some cryptocurrencies that use DLT technologies other than Blockchain. At ClimateTrade we tokenize and register each carbon credit of the projects published on the platform, and we record all the modifications that occur on them.

Myth #2 Blockchain for everything

The second myth is that Blockchain can be applied to absolutely everything. This is something that is often read in the media and among many communities. However, to take full advantage of Blockchain technology and to provide a differential value with respect to traditional database technologies, transparency and immutability needs are key points to take into account, as not all applications have those needs. At ClimateTrade we use Blockchain to guarantee the traceability and transparency of all operations on our platform.

Myth #3 fast and anonymous

The third myth is that Blockchain is fast and anonymous. The speed of a Blockchain network depends on the implementation. The capacity of newer networks like Algorand is notably superior to older networks like Bitcoin or Ethereum. On the other hand, all the operations carried out in the majority of Blockchains are traceable and identifiable to the different “wallets” that although initially are totally anonymous, as operations are carried out, a profile can be formed regarding that account, therefore, to achieve anonymity it is essential to be very careful with how you use the tools.

At ClimateTrade we are experts in Blockchain technology and we have a human team capable of working with the latest technologies. If you have any questions or curiosity, read our posts or contact us directly!