Are Blockchain and Bitcoin the same?
Blockchain and Bitcoin may seem synonymous, but they are not the same thing.
Bitcoin is a virtual currency that works as a medium of exchange using computer networks
Bitcoin, like all other cryptocurrencies, is powered by blockchain technology.
Blockchain acts as a peer-to-peer network that monitors cryptocurrencies.
It serves as a secure ledger for crypto transactions.
The reach of blockchain technology goes far beyond.
Blockchain is a database that stores encrypted data blocks and chains them together, forming a chronological ‘single source of truth’.
This technology helps track and record everything of value, from money transfers to land titles.
It removes the need for an intermediary, saves time, and reduces the cost of transactions.
Thus, blockchain technology has revolutionised data storage and tracking