Are blockchain and crypto interchangeable terms

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Are Blockchain and crypto interchangeable terms?
With the recent crypto bubble engulfing the world, you would have come across
two prominent words: Blockchain and Cryptocurrency. Well, when it comes to
origin and development then cryptocurrency marks the growth of Blockchain
technology. The Blockchain is the underlying technology for the cryptocurrency.
Earlier, the term cryptocurrency and Blockchain was used interchangeably but
later, Blockchain outgrew its traditional application.
2

And soon the need to differentiate between the two rose.
Today you may find many cryptocurrencies flooding the market, and Blockchain
forms the platform on which the exchange of cryptocurrency takes place.
3

What is Blockchain ?
In order to understand, how Blockchain is different from cryptocurrency, it is
important to dig deep in the meaning of these terminologies. Let’s being with
Blockchain.
The Blockchain is basically a technology driving exchange of data. It offers a
direct interaction between the two specific parties. Thus, initiating peer-to-peer
transactions. It results in eliminating the need of having intermediary to confirm
and validate any exchange which is otherwise prevalent in conventional
transaction methods.
4

Blockchain offers a decentralized platform to store information cryptographically
by time-stamping it. As a result of which, it becomes easy to trace and track any
transaction.
Initially in 2009 when Bitcoin came into the picture, Blockchain also surfaced as
the technology supporting it. However, over a period of time, it bloomed and found
other use cases. Traditionally, Blockchain was only used for cryptocurrency
exchange but with time, the technologists and developers learned about its other
features and started using its various features for other applications. Like, the
peer-to-peer transaction to streamline and quicken the transaction and validation
process.
5

Blockchain forms a chain of blocks. There are various nodes in the Blockchain
network who intensely work in validating these blocks. They make use of different
consensus mechanism to do so. Proof-of-Work and proof-of-stake are amongst
the popular consensus mechanisms that the nodes use to validate the blocks and
add to the system. All these information or exchange as you may say is encrypted
cryptographically. Thus, making the information impervious to hacking or any kind
of alterations.
These key features of Blockchain make it find useful in other fields as well. When
we talk about cryptocurrency, then it is just one of the uses of Blockchain
technology
6

Cryptocurrency Unfold -
You can say that cryptocurrency as a response on the Blockchain network.
Cryptocurrency is primarily a digital currency which is formed on the basis of
cryptography. In simple words, cryptocurrency is a digital currency which works as
a medium of exchange. It makes use of cryptography to verify and secure the
transactions. These are limited entries in a database which no one can change or
alter.
. 7

So to sum it up in simple words cryptocurrency is a medium of exchange. You can
also exchange digital currency for fiat currencies. There are many online platforms
from where you can buy cryptocurrencies. Bitcoin is the pioneer when it comes to
the rise of digital currencies. It is with the rise of Bitcoin that Blockchain came into
the picture.
8

Blockchain became the platform on which Bitcoin exchange takes place. Later,
this technology broke the barriers of its conventional usage and found application
in various other fields. Cryptocurrency has led to rising of an era of new financial
revolution where exchange takes place between two parties: the buyer and the
seller.
9

Crypto is imperative to transact on Blockchain. But, without Blockchain, there
would be no means to do the transaction. You can say that cryptocurrency is one
of the applications of Blockchain technology. Although, there is an intrinsic
difference between the functionality between they work well with each other
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The Final say
Well, by now you would have understood that cryptocurrency is not Blockchain.
You can say that Blockchain is the operating system like Android or iOS and
cryptocurrency is an application, the exchange of which takes place on this
platform. They are technically and functionally different aspects of technology,
whereas Blockchain forms the basis for cryptocurrency exchange and many other
applications, cryptocurrency is a digital currency which aids simple and easy
transactions.
11

There are people who still confuse between the two terms but they are two sides
of the same coin, with one being a server and the other being the application
which runs on this server (Server- Blockchain and application- Cryptocurrencies
like Bitcoin).
12

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13

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