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.”
What is Underpinning Bitcoin?
The National Institute of Standards and Technology (NIST), an agency of the United States Department of Commerce with a nearly $1 billion annual budget, has released an introduction to the technology behind bitcoin. The scientists say they hope it will help businesses make informed decisions about whether or not it would be an asset to their products.
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.”