We have been asked many a times - are blockchain and cryptocurrency the same?
Our response - All cryptocurrencies are blockchains, but not all blockchains are cryptocurrencies. Blockchain technology has since been extrapolated for use in other industries.
A cryptocurrency is a digital asset that is tradeable or can be exchanged. Cryptocurrencies tend to be implemented using a blockchain. Bitcoin is a cryptocurrency. Bitcoin was the first application of blockchain thus people often inadvertently used 'Bitcoin' to mean blockchain.
Cryptocurrency is a digital or virtual currency that is used as a medium of exchange. It is used for transaction purposes and can be used for buying goods and using services. It was launched with the intention to bypass government currency controls and simplify online transactions by getting rid of third-party payment processing intermediaries.
How blockchain will transform the global economy?
Similar to how the internet changed the world by providing greater access to information, blockchain will change how people do business by offering trust. By design, anything recorded on a blockchain cannot be altered, and there are records of where each asset has been. So, while participants in a business network might not be able to trust each other, they can trust the blockchain. The benefits of blockchain for business are numerous, including reduced time (for finding information, settling disputes and verifying transactions), decreased costs for overhead and intermediaries and alleviated risk of collusion, tampering and fraud.
