Blockchain vs Bitcoin

 

Stuart Haber and W. Scott Stornetta, two researchers interested in implementing a system where document timestamps could not be altered, first proposed the concept of lockchain technology in 1991. But it wasn’t until almost two decades later, with the launch of Bitcoin in January 2009, that blockchain had its first real-world application.

On a blockchain, the Bitcoin protocol is constructed. Bitcoin’s anonymous founder, Satoshi Nakamoto, described the digital currency as “a new electronic cash system that’s totally peer-to-peer, with no trusted third party” in a research paper introducing it.

It’s important to note that blockchain is only utilised by Bitcoin to immutably record a ledger of payments in a transparent manner. In theory, though, blockchain could be used to immutably record any number of data points.

This could take the shape of transactions, votes in elections, goods inventories, state identifications, deeds to properties, and much more, as was previously said.

The immutability of blockchain technology makes it much more difficult to conduct fraudulent voting. For instance, a voting process might be designed so that each nation’s citizen receives a single coin or token. The voters would then deposit their token or cryptocurrency to the address of whatever candidate they wish to support. Each candidate would then be granted a unique wallet address. Blockchain’s transparency and traceability would do away with the necessity for manual vote counting as well as criminals’ capacity to tamper with actual votes.

 

 

#obc #okbc #okblockcahincentre #itknowledge #software #develeoper #web3 #web3.0 #thirdgeneration #blockchain #blockchaintechnology #decentralized #ethereum #development #metaverse #meta #crypto #cryptocurrency #bitcoin #coin #currency #blockchainwallet #bcwallet #wallet