Answering demands from the private and public sectors, US government scientists have created a guide to the technology behind bitcoin and its applications for a variety of uses. Among various issues, the 59-page report explains that, “technically, Bitcoin is a fork and Bitcoin Cash is the original blockchain.”
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The document, titled “Interagency Report: Blockchain Technology Overview”, introduces the concept, discusses its use in cryptocurrency, and showcases broader applications.
“We want to help people understand how blockchains work so that they can appropriately and usefully apply them to technology problems,” commented Dylan Yaga, a NIST computer scientist who is one of the report’s authors. “It’s an introduction to the things you should understand and think about if you want to use blockchain.”
“Blockchain is a powerful new paradigm for business. People should use it – if it’s appropriate. In the corporate world, there’s always a push to adopt new technologies. Blockchain is today’s shiny new toy, and there’s a big push to adopt it because of that. We want to help people to see past the hype,” Yaga added, “as lofty a goal as that is.”
The report is described as approachable but also “as high-level as” can be written. The document is longer than other NIST definitions because the technology combines so many complex ideas and because it covers many subjects such as cryptocurrencies and forks.
“We don’t have any axe to grind or product to sell, though,” Yaga said. “A lot of articles you’ll read online feature a disclaimer indicating that the author owns a certain amount of cryptocurrency or stock in a company. I have no vested interest in the monetary value of these networks. But we don’t pass judgment on the technology; we just want to get past the rumors.”
Are the NIST scientists correct in their description of bitcoin cash as the original blockchain? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.
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