Bitcoin vs Blockchain

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Bitcoin vs Blockchain
MinersGarden

Let’s discuss Bitcoin vs Blockchain. The aim of blockchain is to allow for the recording and distribution of digital data without the ability to edit it. Stuart Haber and W. Scott Stornetta, two academics who decided to develop a framework where record timestamps could not be tampered with, first proposed blockchain technology in 1991. But it wasn’t until January 2009, nearly two decades later, that Bitcoin was launched.

The blockchain saw its first real-world implementation with the introduction of Bitcoin in January 2009.

Bitcoin founder

A blockchain is the foundation of the Bitcoin protocol. Bitcoin’s pseudonymous founder, Satoshi Nakamoto, described the digital currency as “a new electronic cash system. That’s completely peer-to-peer, with no trusted third party” in a research paper introducing it.

The important thing to remember is that Bitcoin only uses blockchain to create a transparent ledger of payments; however, blockchain can theoretically be used to immutably record any number of data points. As previously stated, this may take the form of purchases, election votes, commodity inventories, state identifications, home deeds, and much more.

Currently, there are a plethora of blockchain-based ventures attempting to use blockchain for purposes other than transaction documentation. The use of blockchain as a voting system in democratic elections is a clear example. Because of the immutability of blockchain, fraudulent voting will become even more difficult.

Binance

A voting scheme, for example, may be set up such that each resident of a country. Receives a single cryptocurrency or token. Each candidate would then be assigned a unique wallet address, and voters would send their tokens. Or crypto to the address of the candidate they wish to support. Since blockchain is transparent and traceable, it eliminates the need for human vote. With counting and the potential of bad actors to tamper with physical ballots. So this is Bitcoin vs Blockchain.

How to use Blockchain?

Blocks on Bitcoin’s blockchain, as we now know, store data about monetary transactions.

Walmart, Pfizer, AIG, Siemens, Unilever, and a slew of other firms have also adopted blockchain technology. IBM, for example, has developed a blockchain called Food Trust.

to monitor the path taken by food products on their way to their final destinations

Why are you doing this? Countless outbreaks of E. coli, salmonella, and listeria, as well as toxic chemicals inadvertently added to foods. They have occurred in the food industry. It used to take weeks to figure out what was causing these outbreaks. Or what was causing people to get sick from what they were eating.

Brands can monitor a food product’s journey from its origin to each stop it makes. And finally to its distribution, thanks to blockchain. Not only that, but these firms will now see what else they’ve come into contact with. Potentially saving lives and allowing the issue to be identified much earlier. This is one example of a blockchain in action, but there are several other ways to incorporate a blockchain.

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