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Bitcoin And The Blockchain Technology
Did you know that blockchain and Bitcoin aren’t the same thing? If you’ve been using the terms interchangeably, you’re not alone; plenty of people do the same thing, probably because blockchain and Bitcoin are so closely related.
In super-simple terms, a blockchain is a computer file for storing data. Or, to put it in more technical jargon, it’s an open, distributed ledger (database), which means the data contained within the blockchain is distributed (duplicated) across many computers and is therefore decentralised.
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There Is No Central Control
Unlike in a traditional, centralised database – where records are processed by one central administrator (say, a company or government) – the entire blockchain is transparent and data is verified by user consensus. Yet, despite this transparency, blockchains are incredibly secure. That’s because there’s no one central point of attack for hackers to target.
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Decentralised. Distributed. This sounds a bit like Bitcoin
Blockchain is the technology that underpins Bitcoin and it was developed specifically for Bitcoin. So, Bitcoin was the first example of blockchain in action and without blockchain, there would be no Bitcoin. That’s why the two names are so often used interchangeably.
Bitcoin is a decentralised digital currency, or peer-to-peer electronic payment system, where users can anonymously transfer bitcoins without the interference of a third-party authority (like a bank or government).
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Looking at The Wider Applications of Blockchain
Because blockchain and Bitcoin are so inextricably linked, it took people a long time to realise that blockchain actually has much wider applications beyond cryptocurrency networks. In fact, blockchain’s potential is so great that many people believe the technology will revolutionise the way we do business, just like the internet did before it.
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What Blockchain Can Do: Execute Smart Contracts
Thanks to Bitcoin, we already know that blockchain is great for facilitating digital transactions, but it can also be used for formalising digital relationships through smart contracts. With a smart contract, automated payments can be released once the contract terms have been fulfilled, which promises to save time and help to reduce discrepancies or solve disputes.
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What Blockchain Can Do: Maintain a Shared, Transparent System of Record
Blockchain is the ideal solution for maintaining a long-term, secure and transparent record of assets (land rights would be a good example) that all parties can access securely.
Blockchain allows users to trace the records of ownership for goods all the way back to the source, auditing the supply chain in the process.
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What Blockchain Can Do: Providing Proof of Insurance
Nationwide insurance company is planning to use blockchain to provide proof-of-insurance information. The tool would help police officers, insurers and customers verify insurance coverage instantly, which should help to speed up the claims process.
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So What We Learned Today Is This
- Bitcoin is a cryptocurrency, while blockchain is a distributed database.
- Bitcoin is powered by blockchain technology, but blockchain has found many uses beyond Bitcoin.
- Bitcoin promotes anonymity, while blockchain is about transparency. To be applied in certain sectors (particularly banking), blockchain has to meet strict Know Your Customer rules.
- Bitcoin transfers currency between users, while blockchain can be used to transfer all sorts of things, including information or property ownership rights.
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"Having someone wonder where you are when you don't come home at night is a very old human need." — Margart Mead
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