Name: What is the difference between Bitcoin and blockchain?
Uploaded: 2019-04-10T06:36:32.000Z
Duration: 2 min 43 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

As we explore the technology behind blockchain it is important to understand what role bitcoin plays

Bitcoin is a digital currency launched in

Participle clauses with adverbial meaning

2009 with the intention of simplifying online transactions by bypassing government control of currency

It does this by storing and transacting the currency over a peer-to-peer network, a blockchain

rather than using a central monetary repository. It's important to make the distinction that bitcoin is not a blockchain itself

Bitcoin is transacted over an open public

anonymous blockchain network. In many ways you can think of blockchain as the operating system and bitcoin is one of the many applications

that run on that system. The blockchain that underlies Bitcoin has some fundamental similarities

but also key differences to a blockchain built for business such as the Linux Foundation's Hyperledger Fabric

Both are cost effective as they increase speed of transactions and reduce overhead costs

Both are highly efficient as the transaction is recorded once and is then visible to all parties through the distributed network

Both are Tamper Evident.The transaction cannot be changed

It can only be reversed with another transaction in which case both transactions are visible

However a bitcoin blockchain is limited in a few ways

It is primarily designed to transact cryptocurrency and is also open and public

meaning anyone can join and view every transaction that's ever happened on the network. It is anonymous meaning it is nearly impossible to know the

identity of who is involved in a transaction

Because of this it requires heavyweight cryptography to deter fraudulent activity which requires significant computing power. These

characteristics leads to many issues around efficiency

security and trust when conducting business

especially around regulated industries. On the other hand a blockchain built for business enables you to exchange anything of value whether

intangible like a patent or copyright or digital like videos or photos. It is private so the invited members

know exactly who they are doing business with. It is permissioned so participants are only given access to data relevant to them and

it runs on smart contracts, business logic embedded into the network reducing disputes and

increasing trust. The blockchain for business also utilizes selective endorsement which allows participants to control exactly who verifies

transactions. All of these qualities make a blockchain for business more efficient more secure and more effective across your business networks

For more information on building a blockchain for business; visit

Ready to start building a blockchain for business? Visit