Bitcoin is not blockchain.
Although they are both cryptocurrencies, blockchain is a digital wallet that is built on trust and is more secure and peerless than bitcoin. No third party is involved in the transaction; hence, no ledger fees is charged.
Another concept of blockchain is its decentralisation — meaning it is not regulated or confined by any government or any reserve bank.
It is also encrypted by a key (message to secure the transaction).
The architecture of blockchain is built on a mathematical algorithm. Also, it is shared on public ledger, which means all the miners can view the transaction in real time.
Those in the Fintech ecosystem are abreast of its fast transaction per second (TPS) rate — the time taken for a transaction to be validated. Therefore, sending and receiving funds transfers online is faster and more efficient than other traditional remitters.
Cryptomining in blockchain is a process whereby the transactions is verified and new blocks added to the existing distributed blockchain ledger.
Blockchain is here to stay and is a game changer in the digital currency and assets. No physical/conventional currency — such as the US dollar or the euro — is involved.
The modes of operation of blockchain and Libra, of Facebook/Calibra, are almost similar. The main distinction between the two is that Libra will be built on mobile apps.
Joseph Ndung’u, Nairobi