20 July 2020
Episode 16: Blockchain is NOT (just) Bitcoin
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.