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.

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