As a result, public blockchains are immutable, that is, data once verified cannot be altered. While in Davos, Business Insider's Sara Silverstein interviewed Adam Ludwin, Chain's co-founder and CEO, for a special edition of Crypto Insider. The following is a transcript of the interview. But to answer your question, you're right, our protocol doesn't have a cryptocurrency.
And the reason for that is that we don't need one, because cryptocurrency or crypto asset its purpose is to provide an economic incentive to a decentralized operating group. Now that we have a pretty clear idea about blockchain and cryptocurrency, let's try to visualize a situation where one can exist without the other. We mentioned that a crypto currency is implemented on a blockchain. The use of a cryptocurrency can occur on the blockchain that issued it or, on any other blockchain that is configured to accept it.
It doesn't take much brain work to conclude that a cryptocurrency cannot exist without a blockchain. Let's start with some quick definitions. Blockchain is the technology that allows the existence of cryptocurrencies (among other things). Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology was invented.
A cryptocurrency is a medium of exchange, like the US dollar, but it is digital and uses encryption techniques to control the creation of monetary units and verify the transfer of funds. Blockchain identity platforms already exist and are being used for the exact cases described above. Explore how others might try to disrupt their business with blockchain technology and how your company could use it to take a leap forward. It is important to understand that digital currencies can originate from one blockchain and be used on the same or a different blockchain.
There are numerous examples where the benefits of blockchain technology are leveraged without the requirement or implementation of crypto currency. We have worked on blockchain projects in payments, smart contracts, supply chain, security and assurance of distributed ledger technology (DLT) and digital. While most people would agree that a blockchain is a digital ledger, many blockchains don't have an associated cryptocurrency and aren't publicly registered. Is such a configuration possible, and if so, will such a blockchain have any use in the real world? More than 200 governments have also proposed blockchain designs for use in various applications, including voting, ownership records, and digital identity.
Estonian technology provider Guardtime changed the name of its offering from “hashed time stamping” to a “blockchain technology”. And it happens that blockchain is not about currency, but about consensus on some digital asset. A specific cryptocurrency can be used to pay for goods or services, on any blockchain-based platform that accepts it. When talking about cryptocurrencies or blockchain technology, it is highly unlikely that the discussion will completely miss Bitcoin.
But, until this blockchain becomes the main source of information about trust accounts, they must always be backed up by something. Fortunately, there are blockchain networks in development that keep your data safe, allowing you to surf the internet anonymously and recover your data. Some would cite other cryptographic techniques such as the distinction between a blockchain and “a vanilla shared database,” Narayanan wrote, but those techniques are nothing new.
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