Below are three common traps executives should disregard when considering blockchain, according to CryptoNewsZ.
1. Blockchain can be used only for cryptocurrencies: While blockchain is used for cryptocurrencies, the technology can also be used for supply chain management and conducting administrative tasks.
2. Blockchain is a fad: Both private and public blockchains are becoming successful when used to enhance the end-user experience, reducing middlemen and building trust between organizations.
3. An industry-wide consortium is required to use blockchain: Private blockchains can be deployed to give organizations the opportunity to work more seamlessly with other consumers and suppliers.
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