What is the difference between blockchain technology and Bitcoin?

Blockchain technology has only been paid attention to after the emergence of Bitcoin. Although the first thing that everyone thinks of when referring to blockchain is Bitcoin, Bitcoin and blockchain technology are still different! Blockchain technology is a meta-technology! Bitcoin's blockchain is customized for the design of the Bitcoin system, so Bitcoin's blockchain technology is not equal to blockchain technology. Just like Google's Android system can be customized as Xiaomi's MIUI system, it can also be customized as Huawei's EMUI.

What is the difference between blockchain technology and Bitcoin?

Blockchain technology is a technology that can have more forms, more systems, more uses, and more specifications; it is not a single technology, but the result of the integration of multiple technologies, including cryptography, Mathematics, economics, network science, etc. These technologies are combined in a specific way to form a new decentralized data recording and storage system, and time-stamp the blocks that store data to form a continuous and correlated honest data record storage structure. The ultimate goal is to establish a data system that guarantees honesty, which can be called a distributed database that guarantees the honesty of the system.

What is the difference between blockchain technology and Bitcoin?

For the technology itself, most people have no way to study in depth. Just like today’s Internet, even if you don’t understand any coding, you know the functions and characteristics of interconnection. Blockchain as a meta-technology currently has only one mature The application of Bitcoin-Bitcoin, therefore, we can only talk about the characteristics of the blockchain:

Decentralized features

Decentralization, the term means that we are going to overthrow an authority and take something from others. In fact, this is not the case. The decentralization of the blockchain just allows us to get the rights we deserve.

What is the difference between blockchain technology and Bitcoin?

Give a chestnut: Why can only bank accounts be kept in the hands of banks? Why not copy a large number of ledgers so that every stakeholder keeps a copy of the ledgers? Why not let the participants of this system-not only the bank, but also the users of the bank-participate together to maintain and protect the system What? After all, banks and users are direct stakeholders in the system, and there is no need to doubt that either of them will protect their own money and supervise each other's motivation. Any party cheating will be discovered in time and punished. In this way, problems with a single ledger will not affect the overall, and the system will be more secure, but why not do this?

There are three reasons:

1. The operation is too complicated, and most people do not have the ability to understand the ledger

2. Security cannot be guaranteed. Loss of ledger and simultaneous bookkeeping are huge challenges

3. Trust issues, make strangers trust each other’s books

Now that the blockchain technology has emerged, these three problems have been solved very well.

Blockchain technology runs a distributed shared ledger in a peer-to-peer manner. Participants execute transactions through asymmetrically encrypted public and private key pairs, which significantly reduces the complexity of transaction settlement and post-transaction service costs.

There is almost no single point of failure in the blockchain, and data is stored on tens of thousands of nodes around the world. A large number of nodes frequently join or exit in a distributed network at all times, but it does not affect the stability of the global structure.

Transaction data is packaged into the database in the form of blocks, and each block will be reviewed by the node. If all nodes reach a consensus, the block will be added to the database when it contains a valid transaction. In addition, the establishment and maintenance of these nodes is completely autonomous, and no control or supervision entity is required or allowed.

In general, because blockchain technology clearing and settlement are almost synchronized, the system runs on a peer-to-peer network, and every transaction can be accurately executed, safe and transparent, and every transaction can be verified by all nodes on the network instead of Relying on a centralized institution, so its transactions can hardly be tampered with. Almost all intangible documents or assets can be expressed in coded form, and the transaction history can be recorded and made public, or it can be hidden voluntarily. The choice of privacy lies in the owner of the private key, the user himself, so that participants can manage their privacy more autonomously, and the regulator can more effectively monitor the flow of assets.

What is the difference between blockchain technology and Bitcoin?

Rather than saying that this is a kind of decentralization, it is better to say that this is a reasonable cooperation mechanism! Think about it, if you share the real estate in the hands of the renting agency with everyone, then the problem of renting can be greatly alleviated!

Another meaning of decentralization is to eliminate trust barriers:

In recent years, the most research on blockchain decentralization happens to be those financial centers; financial institutions including Goldman Sachs, JPMorgan Chase and Nasdaq have begun to focus on blockchain technology.

Most of the financial services of these institutions have the characteristics of high standardization, strong continuity, high automation requirements, and high business requirements for credit, which are highly compatible with the advantages of blockchain. At the same time, in supply chain finance, because the complex arrangements of logistics, capital flow and information flow involve many documents, the use of e-commerce platform for bookkeeping will greatly save the time and cost required for paper documents. However, whoever uses e-commerce What about the platform?

What is the difference between blockchain technology and Bitcoin?

If you use an e-commerce platform built by stakeholders, the authenticity of the data is easily questioned, and self-built e-commerce platforms are often expensive; if you use a third-party e-commerce platform, the third party’s operational stability and information security It is difficult to guarantee the performance. For example, instability problems caused by financial, policy, network attacks, etc., communication and coordination costs and risks will also increase significantly.

The security, irreversibility, immutability, and transparency of blockchain technology have been proven. If the supply chain financial business can be directly built on such a blockchain that has been proven to be reliable, it will greatly reduce security. And credit costs. Therefore, although the current use of e-commerce platforms has greatly saved costs, if there is a public credit system similar to the blockchain with credibility, there is still room for further cost savings.

For these financial centers, blockchain technology has the potential to help them eliminate mutual trust barriers, thereby further reducing business costs. Get more profit!

Even for non-profit sectors such as governments and public welfare organizations, this feature of blockchain is also very important, because providing a system that is trustworthy by the public is itself part of their function.

How do you understand the decentralization of the blockchain?

What is the difference between blockchain technology and Bitcoin?

Benefits of decentralization:

In a traditional centralized network, an attack on a central node can destroy the entire system, while in a decentralized blockchain network, an attack on a single node cannot control or destroy the entire network, controlling more than 51% of the network. Nodes are just the beginning of gaining control.

What is the difference between blockchain technology and Bitcoin?

Let's look at a phenomenon: supermarket payment

Suppose there is only one exit in the supermarket, and you need to line up when making payments, and there may be people who jump in the queue unruly. Supermarket administrators will check the queues and think that the longest one is reasonable, and force those unreasonable forks to re-queue.

As long as the newcomers are sensible enough, they will consciously choose the longest line to queue.

If this continues, the longest chain will continue to gain more participants, and will gain longer life force!

Therefore, the stability of the decentralized blockchain is extremely high!

Now, you have an understanding of the decentralization of the blockchain!

Summary at the end of the article:

1. Bitcoin ≠ blockchain. Cut the meat of Bitcoin and you can see the bones of the blockchain.

2. The Internet exchanges information, and the blockchain exchanges value.

3. The value of the blockchain may be many, among which the most valuable is the low-cost trust-building mechanism!

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