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The first real-world application of blockchain technology
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Versatile digital ledger system
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Traditional financial institutions
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Structured collection of organized data
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Digital or virtual currency
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Created by Satoshi Nakamoto in January 2009
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First proposed by Stuart Haber and W. Scott Stornetta in 1991
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Established financial entities
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Data storage and retrieval systems
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Peer-to-peer electronic cash system
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Immutable record-keeping across various sectors
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Financial transactions and services
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Structured storage and management of data
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Digital medium of exchange
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Transparent and traceable transactions
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Transparent record-keeping
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Limited transparency based on privacy policies
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Dependent on access rights and permissions
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Varies based on cryptocurrency
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Fully peer-to-peer, no trusted third party is involved
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Decentralized network of computer servers
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Centralized control and authority
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Centralized or distributed control
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Varies based on cryptocurrency
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Variable fees are determined by miners and users
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Varies depending on implementation
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Charged by banks and payment processors
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Variable fees depending on the cryptocurrency
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Can take 15 minutes to over an hour based on network congestion
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Varies based on implementation and network
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Processing times within banking hours
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Instantaneous data retrieval.
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Varies based on cryptocurrency
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No identification required
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Varies based on implementation
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Legally required to record customer identification
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Varies based on cryptocurrency and exchange
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Can be as private as the user desires/div>
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Varies based on implementation and privacy settings
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Limited privacy based on the bank's security measures
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Dependent on data protection measures
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Varies based on cryptocurrency
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Security relies on user practices and network growth
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Relies on distributed network security
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Relies on the bank's security measures and user practices
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Dependent on database security measures
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Relies on encryption and blockchain technology
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Users can transact freely within network guidelines
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Consensus-driven validation of transactions
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Subject to bank policies and regulations
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Varies based on cryptocurrency
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It is difficult to seize assets when used anonymously
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Immunity to seizure unless tied to personal identification
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Assets can be seized based on legal proceedings
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Difficult to seize when held securely and anonymously
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