Do you confuse blockchain with bitcoin?

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Blockchain is the technology behind bitcoin. It's hard to remove blockchain from bitcoin, so we suggest that you first read our previous article about bitcoin () to understand this technology's potential.

 

According to Wikipedia, blockchain was invented by Satoshi Nakamoto in 2008 for use in the cryptocurrency bitcoin, as its public transaction ledger. The invention of the blockchain for bitcoin made it the first digital currency to solve the double spending problem without the need of a trusted authority or central server.

 

A blockchain, originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a time stamp and transaction data.

 

Blockchain technology can be applied to various areas, such as the travel industry, the energy industry, the food industry, e-voting, social networks, real estate transactions, healthcare, and digital identity like IDs, online account login, e-residency, passports, and birth certificates.

 

However, privacy is a big concern. Not all data belongs on a public ledger, available for the world to see. While technical solutions may resolve this issue for some, one question for any business considering blockchain technology is who will have access to the data.


Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact LegalHelpers.


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