Blockchain | The Technology that is Changing the World

Many of the actions that we execute in the modern world, are linked to digital transactions realized through Internet; which are backed by service providers to whom we deliver personal information. We trust that these providers tell us the truth, but there is a risk that they are lying to us or wrong. Currently internet security is a chaos in which virtually all services can be hacked, manipulated or compromised.

Imagine a record in which the information you supply to a digital service provider is stored; now imagine that that register is stored simultaneously in a network of computers, reason why nobody can alter it and when legitimately must be modified, the equipment involved are synchronized in seconds. Even if one of those computers disappeared from the network, nothing would happen. This is what Blockchain technology achieves. Technically it is much more complex, but in essence that is what it seeks, a synchronized record of information distributed between parts that do not necessarily know each other. Something that had been trying for decades and that was achieved by an anonymous creator under the pseudonym Satoshi Nakamoto.

Blockchain is in practice a ledger of digitized accounting and distributed or shared among many computers, computationally isolated from each other, which allows transport value and contains an accurate and verifiable record of all transactions that have been made in his story. It can only be updated with the consensus of the majority of the participants of the system and, once introduced, the information can't be erased.

Thanks to this distributed consensus you can create an incorruptible record of past and present events in the digital world, without compromising your privacy. It can be recorded that the event in question has taken place correctly without giving details on the type of event or the parties involved. Blockchain technology allows transparent transactions between strangers without the need for mediators, making the process easier and cheaper. This technology can be used in any transaction that requires a certain degree of verification and is applicable to whatever digital operation we can imagine; so numerous companies and business models are emerging based on it.

The blockchain technology, allows to authenticate to the buyer (to avoid figurehead), to verify payments and to validate each transaction. Despite being a public access registry and free, the privacy of its users is guaranteed if used properly.

Technically, the blockchain is a record of operations packed into blocks of information that are verified before being stored. Each information block contains a set of committed transactions and additional information that is included in the string. With the exception of the initial block, which contains information of the communication protocol, every block forming the chain consists of an alphanumeric code that links to the previous block, the registered transaction packet and an alphanumeric code that links to the next block.

The blockchain is stored in a network of computers or nodes. These nodes connect to each other through a Distributed Network that is resistant to flaws or computer attacks; since if a node fails or is attacked, it can reach the others to which it is connected by alternative routes.

When a node is first connected to the network, it downloads a complete copy of the data from the blockchain; when new transactions arrive, these are analyzed by the operators of the nodes to determine their validity through rules and protocols preset. Once the information is validated, a new block is added to the chain and it is distributed to all the nodes that make up the network.

Each block contains in the alphanumeric code that links it to the string, a digital signature (hash) that relates it to the previous blocks. If a node alters a transaction included in any of the previous blocks, the digital signature associated with the block is also altered and the other nodes detect the change and reject the update on that node; so it is not possible to manipulate the information recorded in the blockchain. This functionality is what makes the blockchain technology so safe. Given their high level of security and transparency, some call the blockchain "truth block". Thanks to these features, the use of this new technology is spreading very quickly.

This technology is useful in a wide range of financial services currently offered by banks, stock exchanges, e-commerce providers and other intermediaries. It is estimated that its use could reduce rates paid by buyers and sellers by more than a trillion dollars in global e-commerce; Impacting financial services, digital assets, digital stocks, bonds, digital insurance and other areas.
This technology has so much potential that it is compared by personalities of the technological and financial sector with the impact that generated the personal computer in 1975 and the Internet in 1993. It is one of the most impressive innovations since the arrival of the Internet and represents a true technological revolution that will change forever our relationship with the digital world. Today, a conversation about financial technology that does not talk about blockchain and cryptocurrencies is uncomplete.

The interest of financial institutions in blockchain technology is more than evident. Amongst other applications are the exchange of currency, remittances and P2P transfers. Among the banks and financial institutions that have shown interest in this technology are the IMF, the US Federal Reserve, Deutsche Bank, NASDAQ, Australian Securities Exchange (ASX), Goldman Sachs, JP Morgan, DBS Bank, EBA (Euro Banking Association), ABN Amro, IGN Bank, BBVA, Santander, UBS, Barclays Bank, BNP Paribas, KPCB and Citibank. It's not far off the day that the blockchain can break into the entire FinTech industry.

But its applications are not limited to the financial sector. This technology applies to any area that can be decentralized and disintermediated; making it adaptable to any type of property change. Currently there are enterprises associated with medical records management, document storage and delivery, digital identification, existence testing, asset management, energy management, data storage, cybersecurity, Patent registration, jewelery authentication, property registration, logistic traceability, sales and rental systems, audit or consulting services, intellectual property management, collaborative economics, device networks of things) and Open Data, among others.

It will be fascinating to see governments and the public sector use this technology to simplify administrative processes and make them public and transparent, to control corruption, to carry out electoral processes and to improve the quality of life of the communities to which they are owed.

One of the fields in which the IT sector is focusing its attention is the smart contracts; which are computer programs in which the agreements between the parties are defined and the program verifies that these conditions are fulfilled, the contract is executed automatically. The use of blockchain technology in smart contracts guarantees its safety, since once stored can not be altered in any way.

With blockchain technology, any data set and transaction or digital event that takes place can leave your fingerprint, creating an easily auditable trail without compromising anyone's privacy and thereby generating trust and transparency. The chain of blocks can introduce a level of democracy and objectivity in the digital world until now unprecedented and unreachable in the physical world. The promise it makes us implies a future in which no one has absolute power over the network and no one can lie about present or past events.

Sources: Intelygenz.es | Fin-tech.es | Blog.bit2me.com | Letstalkpayments.com



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