Fallacies of Blockchain

Blockchain structure, initially designed to support Bitcoin, has been widely heralded as a transformative force capable of revolutionizing various industries through its promises of decentralization, security, and transparency. However, a closer examination reveals several misconceptions and fallacies <sup xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">1</sup> regarding its capabilities and applications. This paper scrutinizes the prevalent myths associated with blockchain structure, particularly focusing on its assumed benefits. Additionally, it addresses the overstated claims of blockchain’s immutability and security. Through critical analysis, this study aims to demystify blockchain structure and provide a balanced perspective on its practical implications and limitations.