[RulerOf]

Almost. PoW allows the entity validating the work to determine just how much work it thinks is appropriate at the moment of authorization, whereas the number of hashing rounds for bcrypt is determined at the time the secret is stored.

So if I lock up a secret with bcrypt today and require 100k rounds of hashing, it will still require 100k rounds of hashing to unlock for any brute force attempt of the ciphertext for the rest of time. A server (or blockchain network) could evaluate a PoW submission 50 years from now and determine that difficulty should be raised to 100T rounds instead of 100k rounds.