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When we talk about Blockchain, an instant reference to Bitcoin cannot be denied. While it is true that this technology emerges as a supporting actor in the Bitcoin revolution, it is important to know how to differentiate between the two since they are not the same thing.
In colloquial terms, Bitcoin (BTC) is a digital currency and Blockchain is the technology or information coding system behind the currency that supports its entire infrastructure. However, in recent years, the uses and benefits of this technology are being considered far beyond bitcoin and other cryptocurrencies.
Blockchain technology is transforming the way how business, government, and lifestyle is managed. It refers to a decentralized database, a secure registry book, maintained and distributed among its participants. This shared ledger allows organizations to collaborate more efficiently and securely, because since each member of the network has a record of each transaction, it is almost impossible to manipulate the data without being detected.
By accelerating transactions while reducing costs, Blockchain and the distributed ledger technologies can help eliminate layers of redundancy and corruption, alleviate regulatory compliance burdens, introduce record-keeping efficiency and, in general, perform automatized operations in different areas, without the need for any third-party intermediation.
The potential that this type of technology can have in society is extraordinary and, in many ways, revolutionary. Nowadays, it is being implemented within the world of finance, and has begun to extend to other areas such as Business and Government, a trend that could be fundamental in changing how the institutions within these fields can operate in the new digital era.
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