Part 5/12:
A key point in Shapiro’s analysis is separating blockchain from cryptocurrency. Blockchain is a distributed ledger—an inherently generic technology that records any kind of data, from stock transactions to digital art. Cryptocurrency is one application of blockchain, reliant on such a ledger but not synonymous with it.
Blockchains can be public, enabling transparency, or private, restricted to certain organizations. Because blockchains are tamper-resistant, operate by consensus, and are cryptographically secure, they are resilient and fault-tolerant. These features make them compelling for various applications beyond currency.