Bitcoin Vs Distributed Ledger Further Compared With Ethereum Vs Blockchain
The blockchain, which is the technology behind Bitcoin, will tend to rewire the banking sector as well as social security payments, digital voting as well as healthcare. Till now, it was only talked about in theory but in recent months, there has been an increased interest in the entire world leading to great developments that are trying to shape the future of blockchain economy.
It was recently stated that China plans to use blockchain for making social security payments while Australia wanted to use it for its voting system. Moreover, Hillary Clinton also publicly uses blockchain for public services. Therefore it leads us to think if blockchain and its associated technology like Bitcoin and Ethereum will blossom and become the basis for a new kind of public infrastructure.
Security for Storing and Sharing.
It enables storage and sharing of data with high integrity and protects it against malicious attacks and ensures that every change is recorded and audited helping blockchain make the world’s data safer. But it required constant innovation in the field.
Blockchains are all about ensuring trust with the help of clever cryptography. Malicious attempts in blockchains, tend to become a part of the data itself making any kind of thirdparty interference, rather obvious.
Blockchain is a technology rather than a product. It is used to create cryptocurrency (Bitcoin) as well as smart contracts (Ethereum). Therefore there are chances of many more actors to enter this field.
Smart Contracts and Apps.
Ethereum has a lower profile contrary to Bitcoin which is infamous. But these can help blockchain to have a bigger impact. It is a decentralized platform that runs exactly as programmed leaving little chances of fraud, censorship or any kind of thirdparty interference. Moreover, Ethereum expands blockchains beyond cryptocurrencies making it a possible successor of Bitcoin. Similar to Bitcoin Ethereum can act as a currency having been called “ether” but its blockchains go further by adding the capability to write smart contracts that can be executed automatically when specified conditions are met.