The blockchain software network executes the entire loan process & interest provisions for Steem dollars and the issuance & allocation of new Steem/Steem power...

which means, to my understanding, block chain software executes all the processes regarding only digital assets like steem, steem power and steem dollar but SNS network itself?

In other words, steemit.com is operating as at the same way as the other SNS networks do like Facebook or Twitter. Am I right?