No, blockchain isn't the only tech backing Bitcoin

Yes, blockchain should be your first choice if you want to make money in 2018, but that doesn’t mean that it’s the only technology powering Bitcoin, which is seeing a sky-high value these days. Andreas Antonopoulos, renowned Bitcoin and security researcher has recently criticized banks and tech companies for treating the term blockchain as it has no alternative technology that could power Bitcoin and other cryptocurrencies.

Antonopoulos believes that blockchain is just one of many technologies that power the Bitcoin network and allow it to function as a decentralized, distributed, and peer-to-peer financial network. He further added that Bitcoin network consists of other solutions and cryptographic technologies such as Schnorr signatures, advanced elliptic curve applications, and ring signatures. He argued that blockchain merely play its role as a database operator for Bitcoin and Ethereum blockchain network. Many people think blockchain is the “technology behind bitcoin”, he said, “this is incorrect”. He stated;

“Blockchain is one of the four foundational technologies behind Bitcoin and it can’t stand alone. But that hasn’t stopped people from trying to sell it. The blockchain is Bitcoin with a haircut and a suit you parade in front of your board. It is the ability to deliver sanitized clean comfortable version of the blockchain of Bitcoin to people who are too terrified of actually disruptive technology.”

Blockchain tech keeps track of transactions and processes cryptographically secured data in real-time for Bitcoin and Ethereum based blockchain networks. A Bitcoin network is formed when all these above-mentioned technologies combine to work.

Antonopoulos urges that if major tech firms, banks or blockchain startups were asked to define the term “blockchain” or even to just distinguish it from the term database, they would not be able to do so.

The researcher also emphasized that some companies are just using the term blockchain as a publicity stunt, affirming the facts revealed by Lisa Pham of Bloomberg. Most of the tech startups and companies are making a fickle statement of adopting to blockchain technology and are seeing a significant growth in revenue.