What People Believe Blockchain Is – and Why Perceptions Differ

Summary: Public perception of blockchain varies widely. Many see it as synonymous with Bitcoin, others as a revolutionary technology poised to transform industries from banking to healthcare. At the same time, confusion is widespread regarding what the technology actually does, how it works, and which problems it solves.

1. Blockchain as “the Bitcoin technology” For much of the public, blockchain is still strongly associated with cryptocurrencies. Bitcoin was the first major application of the technology, and it remains the most well-known. As a result, many believe blockchain is cryptocurrency rather than an underlying infrastructure.