Bitcoin or Blockchain Technology

Blockchain in recent months become a marketing buzzword, which concept over time is totally transformed. Currently, everyone has its own definition. Slowly we see attempts to redefine this term and the rising of the various projects under the slogan of blockchain. This is not fair to those not accustomed with the technology, will not be able to assess that the system, which classifies someone to solutions based on blockchain, really has nothing to do with mature, decentralized and open protocols like Bitcoin.

You have to remember that Blockchain is only part of the puzzle, which serves its purpose as a tool for achieving consensus and trust on open networks. Blockchain as a data structure itself still does not offer anything special. Only in conjunction with a huge network effect, decentralization, the corresponding consensus algorithm (eg. The proof of work), qualitatively can ensure the integrity of data stored in various databases.

While the Bitcoin Blockchain is not suitable for storing large amounts of data because of the cost, signatures stored in the chain of blocks of Bitcoin are a great trust certificate for data stored independent distributed databases.

For the record Blockchain is not a protocol, but only data structure. What is revolutionary is indeed a protocol capable to ensure consensus in an open distributed network about common version of reality. The greatest value inherent in the protocol (and consequently blockchain, which is formed on its basis), which is able to ensure the integrity undeniably, acceptable by the largest group of stakeholders.

Such a protocol mainly due to the network effect is currently bitcoin. One of the main features is its tolerance to the so-called problem of "Byzantine generals", ie the problem of agreeing a common version of the truth in the absence of trust between stakeholders. Currently, among the hundreds of choices there is no candidate who could threaten his position in this regard. In the case of "a certain amount of distrust," closed strings are not able to ensure the long term integrity of this, and certainly will not raise confidence from the point of view of external entities.

In summary, if someone uses the term Blockchain, probably has a very hard time speaking of it in association with decentralized global currency. However, in practice, in the context of the undeniable source of information today, you should be thinking about Bitcoin.

Any projects that declare support of a Blockchain eventually need to anchor its data in a global open network. An example of this approach is a solution created by Blockstack, which is a distributed database confirms all stored objects with signatures on Bitcoin Blockchain, thus ensuring its data integrity.

Recently, the term "blockchain technology" is, however, in most cases, nothing more than a manifestation of cargo cult resulting from a misunderstanding of the essence of the problem, or a marketing hype, selling tickets for conferences, experimental vaporware sponsored by panicking banking institutions and lastly a way to get some VC funds.