Here are some of the most common, misunderstood aspects about blockchain technology. Getty Images

Blockchain has become one of the most talked about emerging technologies, often mentioned in the same breath as artificial intelligence, virtual reality, Internet of Things, and big data technologies. But as a relatively new technology, it's totally expected that people will not fully comprehend aspects of the technology.

Here are some of the most common, misunderstood aspects about blockchain technology.

1. Blockchain is the same as Bitcoin (and other cryptocurrencies)

Source of misconception: The first and probably the most common misconception about blockchain is that it is the same as Bitcoin or cryptocurrency in general — and it is not hard to spot where this comes from. Blockchain as a technology became popular almost a decade after the release of the Bitcoin whitepaper. It is very common for people to refer to it as the technology that powers Bitcoin, and while this is totally correct, people forget one important fact — blockchain does a lot more than just enabling Bitcoin and other cryptocurrencies.

The truth about blockchain: A blockchain is basically a decentralized ledger of transactions. It follows therefore that a Bitcoin blockchain will record Bitcoin transactions. However, blockchain can record virtually anything of value, not just cryptocurrency transactions, provided that the data can be represented on the chain. For instance, J.P. Morgan announced last year that it was tokenizing Gold bars via its enterprise blockchain known as Quorum. Blockchain has found applications in healthcare, supply chain, oil and gas, in addition to finance.

2. Cryptocurrencies (and by association blockchain) are used for illegal activities

Source of misconception: Cryptocurrency has a reputation (earned or otherwise) of being closely associated with crimes like ransomware attacks, money laundering, drug trafficking, and dark web activities. This is because cryptocurrency transactions are relatively harder to track, and criminals have used cryptocurrency in the past to perpetuate these activities. This has been blown out of proportion by law enforcement agencies and notable figures like Bill Gates and Jamie Dimon.

The truth about blockchain: Truth is, regular fiat currencies (the US dollar and Euro specifically), and not Bitcoin or other cryptocurrencies, remain the main medium of sponsoring criminal activities. A Europol report last year confirmed that Bitcoin and other crypto were not used to sponsor terrorism in the region, contrary to widely held opinions. Furthermore, the ratio of illegal to legal activity in Bitcoin has dropped since it became more popular and widely used. Special agent Lilita Infante at the U.S. Drug Enforcement Administration estimates a drop from 90 percent to 10 percent in the last five years. Actually, banks and other legitimate institutions are adopting blockchain technology for cross-border payment settlements.

3. Blockchain transactions are anonymous

Source of misconception: Again, this comes from a widely held belief that blockchain (actually cryptocurrency) is unregulated. It has been positioned as the antithesis of data-collating centralized systems, and therefore has to be anonymous.

The truth about blockchain: On the contrary, blockchain — especially public blockchains — are open and transparent ledgers that show transactions between different addresses. It's fairly easy to track transactions on a public blockchain using block explorers like Etherscan. Also, KYC requirements at many crypto exchanges make it possible to associate these address with real people. That said, there are privacy-focused blockchains like Z-Cash and Monero which use special cryptographic techniques to shield certain details of transactions.

4. Blockchain will solve all the world’s problems

Source of misconception: Hype. As blockchain technology gained in popularity, so came individuals seeking to apply it to every sector of human endeavor. Likening it to the internet, they created an impression that blockchain can and will address pain points in businesses across all industries. As impressive as it is, blockchain, like every technology before it, has its applications and its limitations.

The truth about blockchain: The extent of blockchain's impact has not yet been fully exploited but it will be preposterous to say that blockchain will solve all the world's woes. Through decentralization, blockchain provides trust, and security thereby removing the need for third parties; this is where its realistic use cases arise. At the moment, issues like scalability need to be addressed for blockchain to become commercially viable.

5. Blockchain applications will work all by themselves, independent of existing technology

Source of misconception: Hype again. On the backs of No. 4, blockchain is sometimes looked at as a standalone, independent technology. Given the hype surrounding blockchain, folks could be forgiven for thinking that the technology will work all by itself, without having to deal with legacy applications and technologies.

The truth about blockchain: Blockchain applications most often must work side by side with other existing technologies and systems, as well as in some cases, with emerging technologies like IoT, AI and others. In the financial sector, for instance, blockchain is incorporated into existing payment systems to facilitate cross-border payment settlements.

6. Blockchain only has application in finance

Source of misconception: This stems from the misconception that blockchain is all about Bitcoin or a new order of currency that will replace fiat.

The truth about blockchain: The fintech sector, more than any other, has adopted blockchain technology since its early days. That said, blockchain applications are spreading across various industries. In addition to the ones mentioned previously, projects like MedRec, PowerLedger, and Vakt are adopting blockchain in healthcare, energy, and the oil and gas industries, respectively.

7. Blockchain is the same as Cloud

Source of misconception: Both are internet-based technologies and involves access to data from different devices, but that's as similar as they get. Cloud service providers like Amazon are introducing enterprise blockchain solutions to cloud-based services.

The truth about blockchain: As a shared ledger, blockchain data is not stored on a central set of servers as is the case with cloud services. Also unlike cloud storage, blockchain doesn't usually hold actual physical information like pdf files rather it makes a record of its existence.

8. Blockchain is a single technology

Source of misconception: This comes from the likening of blockchain to the internet. As there is one internet, some people erroneously believe that there is a single blockchain.

The truth about blockchain: There are several blockchain networks — both private and public. While Bitcoin blockchain is the biggest blockchain, there are other public blockchains like Ethereum and Litecoin as well as private blockchains based on Hyperledger.

While these misconceptions are still prevalent within and outside the blockchain community, efforts are underway to dispel these myths. Education and an open dialog is key in such cases. Those within the blockchain community need to make a concerted effort to truly listen to what those outside are saying. Solution providers also need to understand the business, its issues and pain points, and propose the correct solution, whether blockchain-based or not. Blockchain technology is still in its infancy. Remember when folks did not know what the internet was or when it was nothing but hype? In 20 years or so, we will have a few such stories to laugh at.

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Mahesh Sashital is the founder and chairman of the Houston Blockchain Alliance.

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Houston neighbor clocks as one of the best U.S. cities for remote workers

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Working remotely is increasingly part of the modern lifestyle, and a new report cements a Houston neighbor as one of the top places for remote workers.

Apartment search website RentCafe ranks Conroe No. 15 in its Top 50 Cities for Remote Workers, released in November.

The study looked at 150 U.S. cities, comparing them across five main categories: leisure, affordability, comfort, rental demand, and remote work readiness. Scores were based on 19 metrics, from cost of living, availability of apartments with short-term leases, and rental demand to coworking spaces, percentage of remote workers, and internet speed.

"With remote work migration on the rise, we uncovered the most desirable cities to move to across the nation if you work remotely," the website says. It suggests that remote workers on the move "look toward the South and Southeast, where we identified several cities that offer the perfect balance between comfort, value, leisure and remote work-readiness."

Conroe ranks best for:

  • Number of high-end units
  • Share of new apartments
  • Number of apartments with access to sports amenities

Three other Texas cities join Conroe in the top 15. College Station (No. 9) makes the cut for remote workers due to its high availability of short-term rentals, large population of rentals, and access to sports amenities.

In the Austin metro area, both Austin (No. 13) and Round Rock (No. 11) appear, thanks in part to access to internet connection, average download speed, and the number of remote workers.

Lower on the list, but still in the top 50, are: Plano (No. 23), Lubbock (No. 27), Houston (No. 35), Amarillo (No. 36), San Antonio (No. 41), Dallas (No. 42), and Fort Worth (No. 46).The top city for remote workers, according to RentCafe, is Greenville, South Carolina.

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This article originally ran on CultureMap.

Walmart, Houston startup team up to bring small biz products to shelves

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Thanks to a pop-up shop marketplace platform, small businesses will now have the opportunity to have their goods displayed in one of the country’s largest national retail stores.

Through a strategic partnership between Houston-based Popable and Walmart, local businesses to set up shop for short-term leasing and bring brand new eyes to their products.

“Supporting small businesses has always been a priority for Walmart,” says Darryl Spinks, senior director of retail services for Walmart, in a news release. “We are proud to work with Popable to offer local brands an opportunity to grow inside our stores. This is a great example of our focus on offering services unique to the neighborhoods we serve through our store of the community initiative.”

Popable has assisted brands secure qualified spaces, get education and resources, and build community, and connections that are vital to helping small businesses expand their visibility in the marketplace. The platform simultaneously helps retail landlords find qualified retailers from a directory of tens of thousands of brands to fill vacancies and drive traffic to their shopping centers.

For those small businesses interested, they can be paired with their local participating Walmart to connect and enter into an agreeable temporary leasing agreement by signing up on the platform’s official website. The businesses will set up right in front of the store generally where the customer service areas and salons tend to be. While the partnership isn’t aimed to be a pilot program, Popable will be giving Walmart the chance to infuse some local flavor into the stores from the community.

With the holidays around the corner, and small businesses looking to gain back revenues lost during the COVID-19 pandemic, the opportunity to display and sell their products at Walmart can be highly beneficial to recoup profits, and unload new and extra products to a larger audience.

“Going into the holidays the timing is pretty good for a lot of brands looking to move some access inventory that they have loaded up from last year, but this (hopefully with Walmart) will be a year-round thing,” says Popable CEO and co-founder Scott Blair. “The pop-up opportunities we’ve been seeing with brands doing reach outs so far, a lot of them are looking for stuff into January and February too.”

Scott Blair, CEO and co-founder of Popable, says he hopes to continue the partnership with Walmart. Photo courtesy of Popable