Blockchain

 Official Definition of Bitcoin and Blockchain 

1. Bitcoin is not Blockchain.  Blockchain is the Technology and Bitcoin is the Network.  Bitcoin is not a currency but Bitcoin is a peer-to-peer electronic cash system.  Please read my Bitcoin White Paper for perfect understanding.  If central bankers brand Bitcoin as  currency then they are wrong.   If the governments' officials brand Bitcoin as money then they need economic literacy. 

2. If the economists brand Bitcoin as a digital asset class then they are wrong.   Bitcoin is a payment Network.  Literally Bitcoin Network  and Bitcoin Indexed  units of 21,000,000  numerical  values are Bitcoin Network Incentives, which is the cryptographic methods and mechanism of financial databases.  If people think Bitcoin is cryptocurrency, then it is solely up to the people how they perceive what Bitcoin is all about.  The official explanation of Bitcoin is different from that of what people have branded it. 

3. Bitcoin is an electronic banking check that cannot be torn out after someone encash  it.   The next owners also can encash it  from the other interested person, who wants to buy it.  The ownership is transferred without a middleman peer-to-peer and the record is kept digitally  in a ledger known as Blockchain.   The blockchain data infrastructure and its transaction process are cryptographically managed.   The record cannot be altered by any one, once it is entered in the Blockchain database.   It is a permanent record and accessible through a decentralized computer network. 

4. .  In the Monetary and economic science Blockchain is a catalyst to innovate financial service.   In other fields of Governance,  Blockchain can be used to find solutions to numerous social and scientific problems. 

The Classification of Blockchain Technology

• Blockchain is a Financial technology 

• Blockchain is a decentralised Database

• Blockchain is a Computer Network 

• Blockchain is a Tamper Proof Cryptography 

• Blockchain is a Counterfeit  Proof  Mint 

• Blockchain is Software 

• Blockchain is an innovative Financial Instrument

• Blockchain  is  a Digital Financial Service  Industry

• Blockchain is the solution to social problem

• Blockchain mean Decentralization  of Governance

5. In the modern digital world, Blockchain is the best tool for Internet  and  business development.  This is why many governments have paid greater attention and have spent lots of money to carry out massive  research on Blockchain technology and its use cases in the government's sectors.  

6. Blockchain will improve human conditions and it will create many  opportunities for many people globally.  Bitcoin and Blockchain are two different  things. 

Satoshi Nakamoto