Blockchain is a technology that allows storing data on decentralized networks. It creates a chain of blocks that contain information about transactions or other types of data. Each block is linked to the previous one by a cryptographic hash, which ensures the integrity and security of the data. Blockchain does not require a central authority or intermediary to validate or process the data, as it relies on a consensus mechanism among the network participants.
Cryptocurrency is a medium of exchange that uses blockchain technology to record and transfer value. It is a type of digital asset that can be sent peer-to-peer without intermediaries such as banks or governments.
Cryptocurrency is created and controlled by cryptography, which makes it difficult to counterfeit or double-spend. Cryptocurrency can have different features and purposes depending on its design and protocol. Therefore, blockchain and cryptocurrency are related but not synonymous concepts. Blockchain is a broader term that refers to a type of distributed ledger technology that can store various kinds of data.
|Distributed ledger technology that can store various kinds of data on decentralized networks.||A specific application of blockchain technology that enables digital payments using cryptographic tokens.|