CompTIA’s Blockchain Advisory Council has identified seven popular myths about blockchain and analysed the truth behind each one. Among the council’s conclusions: blockchain isn’t bitcoin; it’s cost-effective and efficient (not costly and cumbersome); and enterprises of all sizes can implement solutions leveraging the technology.

Vice chair of the CompTIA Blockchain Advisory Council Jason Sfaelos said that as blockchain and distributed ledger technologies mature, business leaders will need to understand the basics of what it is and dispel the myths of what it isn’t.

"Over time we may see blockchain functions and their inherent value move behind the scenes becoming application enablers. Even then, a business should understand blockchain’s role as part of a given application, which in turn is integrated within their enterprise IT landscape. This is similar to today’s environment as businesses strive to efficiently integrate hybrid multi-cloud environments into a cohesive landscape.”

Member of the council Elena Dumitrascu, said the the opportunities presented by blockchain were endless, from greater transparency into the business and more efficient automation, to better communication with suppliers and strengthening connections with customers.

“As more blockchain-backed business solutions are introduced in the market business executives should seek out demonstrations of these products, because the power of the technology is best understood through real-life examples”, she added.