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    Block Chain Technology 2 Marks 1) - Difference Between Blockchain and Bitcoin. Blockchain Bitcoin

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    20CSR064 Natchattira T S
    Blockchain is a distributed ledger that records transactions in blocks of data, while Bitcoin is a cryptocurrency that uses blockchain technology. Blockchain can transmit various items like money and rights, has transparency as a key component, and is more adaptable to changes. Bitcoin's application is mainly for currency transfers, focuses on anonymity, and is less adaptable to changes. Distributed consensus mechanisms like proof of work and proof of stake are used to achieve agreement in blockchain networks, and Merkle trees help verify blockchain data consistency and content securely.

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    Block Chain Technology 2 Marks 1) - Difference Between Blockchain and Bitcoin. Blockchain Bitcoin

    Uploaded by

    20CSR064 Natchattira T S
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    Blockchain is a distributed ledger that records transactions in blocks of data, while Bitcoin is a cryptocurrency that uses blockchain technology. Blockchain can transmit various items like money and rights, has transparency as a key component, and is more adaptable to changes. Bitcoin's application is mainly for currency transfers, focuses on anonymity, and is less adaptable to changes. Distributed consensus mechanisms like proof of work and proof of stake are used to achieve agreement in blockchain networks, and Merkle trees help verify blockchain data consistency and content securely.

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    Blockchain is a distributed ledger that records transactions in blocks of data, while Bitcoin is a cryptocurrency that uses blockchain technology. Blockchain can transmit various items like money and rights, has transparency as a key component, and is more adaptable to changes. Bitcoin's application is mainly for currency transfers, focuses on anonymity, and is less adaptable to changes. Distributed consensus mechanisms like proof of work and proof of stake are used to achieve agreement in blockchain networks, and Merkle trees help verify blockchain data consistency and content securely.

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    Block Chain Technology 2 Marks 1) - Difference Between Blockchain and Bitcoin. Blockchain Bitcoin

    Uploaded by

    20CSR064 Natchattira T S
    Blockchain is a distributed ledger that records transactions in blocks of data, while Bitcoin is a cryptocurrency that uses blockchain technology. Blockchain can transmit various items like money and rights, has transparency as a key component, and is more adaptable to changes. Bitcoin's application is mainly for currency transfers, focuses on anonymity, and is less adaptable to changes. Distributed consensus mechanisms like proof of work and proof of stake are used to achieve agreement in blockchain networks, and Merkle trees help verify blockchain data consistency and content securely.

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    of 1

    BLOCK CHAIN TECHNOLOGY

    2 MARKS

    1). Difference between Blockchain and Bitcoin.

    BLOCKCHAIN BITCOIN
    Nature  Blockchain is the ledger or data structure.  Bitcoin is a cryptocurrency
    Transfer  Blockchain is generally used because it may  Bitcoin's application is restricted in
    transmit various items, including money comparison to currency transfers.
    and rights, to real estate.
    Motive  Transparency is a key component of  Anonymity is a key component of Bitcoin.
    blockchain technology. Because the In this case, the Bitcoin address doesn't
    blockchain operates in a variety of need to reveal the users' identities.
    industries, it is crucial to ensure that those Additionally, the recording is made using
    industries' norms and regulations are being obscure numerical codes that no one can
    followed. decipher.
    Flexibility  Blockchain is more adaptable because it can  It is less adaptable to incorporating fresh
    modify to accommodate new changes, changes.
    making it suitable for most market
    industries.

    2). Distributed Consensus Mechanism

     A consensus mechanism is a fault-tolerant mechanism that is used in computer and blockchain systems to achieve the
    necessary agreement on a single data value or a single state of the network among distributed processes or multi-agent
    systems, such as with cryptocurrencies.
     It is useful in record-keeping, among other things.
     The proof of work (PoW) is a common consensus algorithm used by the most popular cryptocurrency networks like
    bitcoin and litecoin.
     The proof of stake (PoS) is another common consensus algorithm that evolved as a low-cost, low-energy consuming
    alternative to the PoW algorithm.

    3). Merkle Trees.

     Merkle tree is a fundamental part of blockchain technology.


     It is a mathematical data structure composed of hashes of different blocks of data, and which serves as a summary of all
    the transactions in a block.
     It also helps to verify the consistency and content of the data with secure verification
     Both Bitcoin and Ethereum use Merkle Trees structure.
     Merkle Tree is also known as Hash Tree.

    4). State Nash Equilibrium in game theory.

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