How are Bitcoin and Blockchain Different?
At WhiteLight Group, we never stop learning!
That’s why we created the WhiteLight Group Leadership Labs. It’s not only a place for our team to learn and grow with the latest solution features and functionalities, but it’s also a place where our customers and prospects are able to stay in the forefront of new technology trends in order to keep a competitive edge. In this Leadership Lab, WhiteLight Group will help you make sense of Bitcoin and Blockchain.
Are Bitcoin and Blockchain the same thing? No. While not the same, they are closely related. When Bitcoin was released as open source code, Blockchain was wrapped up together with it in the same solution. Since Bitcoin was the first application of Blockchain, people often inadvertently use “Bitcoin” to mean Blockchain. That’s how the misunderstanding started. Blockchain technology has since been extrapolated for use in other industries, but there is still some lingering confusion.
How are Bitcoin and Blockchain different?
Bitcoin is a type of unregulated digital currency (“cryptocurrency”) that was first created by Satoshi Nakamoto in 2008. It was launched with the intention of operating under the radar of government currency controls. The premise was that it would simplify online transactions by getting rid of third-party payment processing intermediaries. To accomplish this, it required more than just the money itself. There had to be a secure way to make transactions with the cryptocurrency.
Bitcoin transactions are stored and transferred using a distributed ledger on a peer-to-peer network that is open, public, and anonymous. Blockchain is the underpinning technology that maintains the Bitcoin transaction ledger.
How does Blockchain work?
19 Industries that Blockchain will disrupt
If you are interested in this Leadership Lab we have provided or have questions or comments for us, please contact us. Be sure to check back with our Leadership Labs and blogs often for updated content you can use.
Never. Stop. Learning.