May 27, 2020 By Debbie Kestin-Schildkraut 3 min read

Let’s be honest with each other. How many of you still believe that blockchain technology is Bitcoin? Or that it’s only applicable for cryptocurrency? Well, blockchain has become so much more. The most popular misconception is that Bitcoin equals blockchain. When Bitcoin was the only blockchain, there wasn’t much distinction between the terms. As the technology matured, use cases quickly diverged beyond the pure monetary aspect. Another myth is that blockchain is only relevant to the FinTech industry. Blockchain technology can be applied and has been applied to many different industries.

Interestingly, there are still several misconceptions floating around about blockchain. Perhaps this is not too surprising since it’s still considered a relatively new technology. While the concept for blockchain was born nearly 30 years ago by cryptographers Stuart Haber and W. Scott Stornetta, The Linux Foundation’s Hyperledger Project in 2016 really set the wheels in motion for the beginning of enterprise blockchain.

Leverage the IBM Blockchain Ecosystem for new opportunities

By establishing the umbrella project of open source blockchains and tools, innovators began creating open, standardized and enterprise-grade distributed ledger blockchain frameworks and code bases to produce tangible business results across multiple industries: in finance, banking, healthcare, IoT, supply chain, manufacturing and other industries.

Put your fears aside

The only way to lead in today’s ever-changing marketplace, is to constantly innovate according to what our clients want and need.” – Arvind Krishna, IBM CEO

When the internet was invented, it was revolutionary in the way it changed how people, businesses and governments operate. Blockchain is doing for business what the internet did for communication. Whenever new technologies get introduced, people rightfully have many questions, plenty of curiosity, and sometimes misconceptions about what is real, and what is possible. Blockchain is undoubtedly a subject of much conversation as with other emerging technologies.

The advancement of technology generally evokes a range of emotions in people, particularly trepidation. However, to stay on the cutting edge, it is a good time for companies to assess where they are, set new goals, change old habits and try new things. It is essential to stay relevant and current.

Ginni Rometty, IBM Executive Chairman has always said, “Growth and comfort do not coexist.” If you don’t get out of your comfort zone, and if you aren’t learning and taking risks, you won’t grow. You’ll stay right where you are. You need to adapt, you need to change, you need to keep learning.

This is where Business Partners come in

I’ve been working with Business Partners, a variety of solution providers, for over 20 years. As trusted advisors, your clients count on you to help them navigate new waters. They view you as vendor-agnostic, ready to bring forward the best technology solutions to keep their companies efficient and profitable.

While many technology solution providers (TSPs) aim to be early adopters, there are many of you who have expressed to me that blockchain seems to be just too hard. I’ve heard questions and perceptions such as these:

Do you need an advanced degree to work with blockchain?

False. To build on or use blockchain technology an advanced degree in cryptography is not necessary.  Many tools exist to assist in leveraging the technology and several blockchains allow you to develop applications in most any coding language.

Isn’t blockchain really just a database?

Every blockchain may be considered a database, but every database cannot be considered a blockchain. Blockchain is like a database because it is a digital ledger that stores information in data structures called blocks. A database can be modified by a single user, but a blockchain is a shared ledger that is immutable for all participants in a transaction. Each block of information contains hash code to provide cryptographic security.

Different ways to engage and accelerate your business

It is vital to ensure you are educated on the different ways you can work with blockchain. Business Partners can:

  • Build your own branded blockchain solution on IBM Blockchain Platform
  • Build a network for your clients
  • Establish your blockchain solution with either a software or SaaS implementation
  • Drive a client to an existing network

These options and sample use cases can be found on our ecosystem page for Blockchain Partners.

Join us for a helpful webinar

Join us for our Blockchain Mythbusters webinar. Let us de-bunk the myths and clear the air on what is myth versus fact, what blockchain can or cannot do, and provide you with information on how you and your clients can reap the benefits and efficiencies that an IBM Blockchain solution provides.

Learn about the anatomy of a blockchain solution and the different ways you can leverage your existing skills. For our Business Partners out there, we want to help you get started, and we look forward to working with you.

Hear Blockchain Mythbusters and discover new opportunities with blockchain

Was this article helpful?

More from Blockchain

The Orion blockchain database: Empowering multi-party data governance

7 min read - Blockchain databases were designed to enhance trust in centralized ecosystems by incorporating tamper-evidence features into traditional databases. They are easier to use and can reduce operational and development costs compared to decentralized ledger technologies. However, existing blockchain databases lack efficient tools for multiple parties to control shared data on the ledger. Orion is an open source blockchain database that provides unique capabilities, such as multi-signature and proof functionalities, along with extensive key-level access control. These features empower parties to jointly…

Web3 oracle nodes: The capabilities and challenges of an industry disruptor

3 min read - In Greek mythology, oracles took once unattainable information from the gods and shared it with the world. Today, blockchain oracles pass information from one source to another. By design, a blockchain does not communicate with outside data sources; they only store historical on-chain user data. A blockchain oracle is the middleware that allows a blockchain to communicate with off-chain data. The addition of off-chain data provided by blockchain oracles was a huge step forward for the Web3 industry, enabling new use…

IBM Newsletters

Get our newsletters and topic updates that deliver the latest thought leadership and insights on emerging trends.
Subscribe now More newsletters