What is the relationship between blockchain and cryptocurrency?
Curious about blockchain technology
Blockchain and cryptocurrency are related, but they are not the same thing. Cryptocurrency is a digital asset that uses cryptography to secure its transactions and to control the creation of new units. Blockchain, on the other hand, is the underlying technology that enables the creation and management of a distributed, decentralized ledger that records transactions in a secure and tamperproof way.
Cryptocurrencies like Bitcoin and Ethereum use blockchain technology to create and manage their distributed ledgers. Each transaction on the blockchain is recorded in a block, which is then added to a chain of blocks (hence the name "blockchain"). This creates a decentralized, transparent and secure system where no single entity controls the network, making it resistant to fraud and tampering.
However, blockchain technology can also be used for a variety of other purposes beyond cryptocurrency, such as supply chain management, voting systems, and more.