Are blockchain and cryptocurrencies the same?

 

Are blockchain and cryptocurrencies the same? 

  Many think that blockchain and bitcoin are the same things. But that's not the case at all: block technology goes far beyond cryptocurrencies.

Bitcoin e blockchain.

   The blockchain allows you to digitally transfer value, without it being duplicated. It also allows you not to worry about the bad faith of others in peer-to-peer money transfers. These characteristics have made the blockchain the most suitable technology for bitcoin and other cryptocurrencies. But one cannot be mistaken for one another. Jason Guthrie, head of capital markets, Europe, WisdomTree, entrusts his reflections on block technology to a note.

   Thanks to the open-source nature of the bitcoin protocol, the use of blockchain technology has extended far beyond the original cryptocurrency. Here's where: stock register, bond issuance, shareholder voting, digital identity, peer-to-peer lending, etc. After all, blockchain technology is the technology of secure record-keeping in a context characterized by a lack of trust.

    Blockchain, three fundamental areas of application.

If we think about the applications of blockchain technology, the effects will presumably be three. First, the elimination of intermediaries. Several of the areas in which blockchain technology is being applied are often very expensive due to the number of intermediaries involved in the system. Financial services are a prime example of this. Second, the efficiencies. Some assets are simply very inefficient today. Anyone who has bought a house or transferred money to another country knows this well. Blockchain technology is used to set up a system that can make the registration and transfer of many assets easier, faster and faster.

Financial inclusion.

The third, financial inclusion. Services are often limited by the size and information available. Starting with the IPO. In this case, in fact, "it is necessary that the company has a certain size" for the banks to take it into consideration. But in emerging countries, "many people don't have access to basic banking services. Blockchain can potentially reduce costs and barriers to entry.

What are the future prospects of the blockchain (bitcoin aside)?

  Many confuse the concept of blockchain with that of bitcoin. Admittedly, the latter represented the first example of blockchain, still being its most common application. But then the use of block technology has made great strides. Either to create other competing cryptocurrencies or for quite different uses.

  In fact, it appears that "the blockchain is capable of increasing the efficiency of interpersonal cooperation ". But also "to free the human capital to be used in reaching the next great goal of humanity".