You've probably heard about blockchain -- the technology behind bitcoin -- which is an incorruptible decentralized digital ledger for recording transactions. Ever since the launch of bitcoin, blockchain has taken the business world by storm. As the popularity of bitcoin has grown, so too has the number of blockchain projects that have been launched in the last few years. Many of these projects offer coins or digital tokens, commonly known as cryptocurrencies or altcoins.

At the Blockshow Conference, I heard one such critic, economist and New York University professor Nouriel Roubini, denounce cryptocurrencies and blockchain, calling it a scam. Such criticism has resulted in a number of misconceptions and myths about blockchain technology. However, I believe many of these perceptions are unfounded. Let's take a look at some of them.

Myth No. 1: Blockchain is not really decentralized.

Because some of the biggest bitcoin mines are in China, one may have the perception that they control the entire ecosystem. Blockchain is inherently a decentralized technology platform and requires multiple nodes to participate and validate the block of transactions before adding them to the chain. Nonetheless, judging from my experience, it is possible for a smaller group to gain control over the network by investing heavily in computer hardware that's required for validating transaction blocks. However, the open source-code and architecture of blockchain ensures that all members can see this behavior, and if they decide to stop participating, the networks will be worthless.