Generation Analysis of Blockchain Technology: Bitcoin and Ethereum

Abstract

In this paper, the importance of blockchain technology have been discussed and the generations of blockchain (Bitcoin and Ethereum) have been compared provided different aspects. The blockchain is a technology which allows direct transaction without involving third party. Also, it offers many facilities like high translucency, high safety and security, improved trace-ability, greater proficient and transactions’ speed, and reduced costs. Moreover, the cryptocurrencies provide advance security level. The basic purpose of this study is to highlight different aspects of Blockchain, Bitcoin and Ethereum and to show which cryptocurrency is better approach. The research contributes to show the impact of this technology in different fields and a comparison of bitcoin and ethereum is presented to analyze and furnish a decision regarding the best among them. The use of blochchain technology in government applications can bring a drastic change in the world because it is safer and faster. Also, the comparison shows that ethereum is better than bitcoin as it is efficient and has more applications as compared to bitcoin. It offers more advanced services such as smart contracts. All in all, the analysis has concluded with Ethereum as faster and securer approach.