Blockchain Applications: Bitcoin and Libra

Network application

INTRODUCTION
 Blockchain contains a set of records, data and information that are
linked together in form of cryptography.
 It is designed in such a way that data is modified during transaction
between two parties. A blockchain is used for managing data over
distributed network.
 The presentation will describe about two blockchain applications
and its features.

Field and purpose of application
 Bitcoin is a peer to peer blockchain of electronic transfer of cash without
involving any financial institution. It is completely related to finance field.
Bitcoin is digital wallet from where transaction are done [1].
 Whereas libra is decentralised blockchain that support in low volatility
cryptocurrency. Libra blockchain is used in financial transaction. Its
purpose is to be used in cross border payment and money transfer.

Working model of application
 A bitcoin works on basis of public key. When a user sends bitcoin to
someone the transaction details are published along with public key a
network. Then, the info is verified other computer in network through
digital signature. So, after confirmation transaction is added into
blockchain. In this way each block is added into chain and in bitcoin
transfer.
 In libra money is deposited into bank account and is backed up by either
dollar or euro. The bank holding libra will generate interest.