[Blockchain Basics] Blockchain ≠ Bitcoin

Blockchain ≠ Bitcoin

Many people think that blockchain and bitcoin are the same. Blockchain is the basic technology of Bitcoin. They are closely related, but they are not the same thing.

In 2008, Bitcoin was launched as an unregulated digital currency created by Anonymous Satoshi Nakamoto. The blockchain is a ledger solution used to securely record the use of this new currency because there is no bank or government involved in monitoring or supervising transactions. Therefore, Bitcoin can actually be seen as the first use case of blockchain technology. Confusion between blockchain and bitcoin often occurs because both concepts are introduced at the same time.

Blockchain and bitcoin transactions

Since the introduction of blockchain technology, it has been extrapolated to serve as a ledger solution for many other industries related to assets other than currency. These areas include health care and patient records, trade finance and the owner of invoices or purchase orders, as well as insurance and ownership of the house or car.

Known as cryptocurrency, Bitcoin is the first discrete digital currency in its class. It is available as an open source solution that works without a central repository or a single administrator. Bitcoin transactions use distributed ledgers to transfer and store on open, public and anonymous shared networks. Blockchain is the underlying technology for maintaining transaction ledgers for bitcoin transactions.

☺ ☺ I write and translate articles about cryptocurrency, including trading strategy in python. I work for a quant platform in China: fmz.com. I share my strategy on it. it's a professional platform for traders to write, backtest and run their strategy.

Blockchain techniques, are used for bitcoin, allow transactions to be recorded on distributed ledgers on the user's network. Open source technology allows data in a transaction to be stored in a block. Each block includes a time stamped transaction record, and each block is linked to the previous block, thus creating a chain. The information stored in the blockchain is completely transparent and permanent, and it is not possible to change or delete previous transaction data from the distributed ledger. This feature and solution can be used to solve many inefficiencies in different applications and industries. FMZ

While blockchain is an excellent choice for digital currency, it can be used to maintain ownership of trusted audit trains for various asset types. These can be intangible (such as trade finance assets) and tangible (such as diamond) assets. This offers a wide range of blockchain application options for multiple industries and institutions - including TradeIX, which focuses on the trade finance industry, and dedicated solutions that utilize blockchain technology.

☺ ☺ I write and translate articles about cryptocurrency, including trading strategy in python. I work for a quant platform in China: fmz.com. I share my strategy on it. it's a professional platform for traders to write, backtest and run their strategy.

Blockchain is the real available technology today. Currently, blockchains are being tested using proof of concept (POC) in many different industries and regions around the world. Also keep in mind that this technology is still in its early stages. Several blockchain providers, such as IBM and R3, released the first version of their solution in 2017. Therefore, all of this is very new and is appearing in front of us.

FMZ ☺ ☺ I write and translate articles about cryptocurrency, including trading strategy in python. I work for a quant platform in China: fmz.com. I share my strategy on it. it's a professional platform for traders to write, backtest and run their strategy.

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