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FAKE NEWS: three misconceptions around blockchain

There are a lot of false stories circulating about blockchain. People hide behind this misinformation, all the more so because marketing departments abuse them to their advantage. The result? People become afraid and discouraged. But fear is a bad counsellor. The following three misconceptions must therefore be eliminated as a matter of urgency.

Blockchain uses way too much energy

In many cases, a blockchain application will not consume more energy than a traditional solution. Blockchain is more than just cryptocurrencies like bitcoin. Often, these systems do not even use  mining. And even then blockchain works fine without consuming extra energy.

Blockchain is not possible because of the GDPR

The GDPR goes hand-in-hand with scaremongering. Not infrequently you hear things like: ‘Watch out before going live with blockchain to avoid fines.’ This is wrong: blockchain is simply a technical solution and technology in itself never conflicts with legal rules such as the GDPR.

Blockchain is not the legal department's best friend

Blockchain projects are not risky legal endeavours. There is no law that prescribes how you can build an idea. True, blockchain has developed very fast, making it difficult for legislators to keep up, but in actual fact there isn’t a problem.

CTA Innovation Publication