Jul 20, 2020 • 5M

Episode 16 - Blockchain is NOT (just) Bitcoin

 
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Gautam Dhameja
Block Shots provides a basic understanding of the most important blockchain concepts in five minutes. Learn about blocks, transactions, consensus, finality, governance, etc. and many more fundamentals while having your morning coffee, commuting, or whenever you’ve got a moment.
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Would you call every four-wheeled vehicle a car?

Some of them are trucks, some are buses, some are farm tractors. Only a subset of them is cars.

Trucks have a use-case for transporting goods. Buses are for transporting a relatively large group of people. Cars are for family transport.

While having different use-cases, all of them share the core concept of a four-wheeled motorized vehicle.

Now let’s talk about Bitcoin and Blockchain.

Just like a car is just an application of a four-wheeled vehicle, Bitcoin is an application of blockchain.

Bitcoin was invented to create an alternate financial system on which no single party could have control. Some of the pre-existing technical concepts like cryptographic hashing and signing, peer-to-peer networking, consensus in distributed networks, and a few others were brought together to create Bitcoin blockchain.

The exact same concepts could be used to create another blockchain network for another use-case. For example, later Ethereum was created as a smart-contracts platform and not just a cryptocurrency. And many other blockchains have been implemented in the previous decade.

Hence, to conclude, Bitcoin is just an application of blockchain technology.

Music: https://www.purple-planet.com