Bitcoin vs. Blockchain

Blockchain aims to allow the recording and dissemination of digital information, but has not been modified. Blockchain technology was first described in 1991 by Stuart Heber and W. Scott Stornta, two researchers who wanted to implement a system that would not tamper with the time stamp of a document. But it wasn’t until nearly two decades later, with the launch of Bitcoin in January 2009, that blockchain got its first original request.

Bitcoin protocol is built on blockchain. In a research paper on digital currency, Bitcoin creator Satoshi Nakamoto called it “a new electronic money system, completely Monday-to-Monday, without any reliable third parties.”

The important thing to understand here is that the bitcoin uses blockchain as a means to easily record the payment ledger transparently, but theoretically, blockchain allows to record the instability of any data points. Can be used for As discussed above, these may include transactions, election votes, inventory, state identification, household papers, and more.

There are currently a large number of blockchain-based projects that seek to implement blockchain in ways that help society go beyond just recording transactions. A good example of this is the use of blockchain to vote in democratic elections. The immovable nature of blockchain means that it will be more difficult to vote in fraud.

For example, the voting system can work by issuing a single cryptocurrency or token to each citizen of a country. Each candidate will then be given a specific wallet address and voters will send their token or cryptocurrency to the candidate’s address for which they wish to vote. The transparency and sheer nature of the blockchain will eliminate the need to count people’s votes as well as the ability of the attackers to tamper with the physical ballot.