What is Blockchain technology?
Well, surely in recent months you've heard a lot about Bitcoin, and also about Blockchain.
Blockchain over here, blockchain over there!
Thousands of explanations, but for simple mortals like us it is difficult to understand what it is. So in this article I will try to explain what it is and what it serves with simple words and examples.
What is blockchain?
To begin with, Blockchain was born there in 2009 along with the virtual currency Bitcoin. Although it seems irrelevant, it is very important. Since it is the blockchain of Bitcoin that allows us today to handle that Criptomoneda.
Without this Bitcoin would not be successful, since it is the one in charge of having everything in order and practically the one that allows us to make transactions of Bitcoin between users.
Blockchain would be like the bitcoin engine, it is the program that runs this cryptonnet.
The definition would be: BLOCKCHAIN IS A REGISTER OF DIGITAL TRANSACTIONS THAT IS BASED ON A GIGANTIC DATABASE IN WHICH ALL FINANCIAL TRANSACTIONS CARRIED OUT WITH THE ELECTRONIC DIVIDE ARE ENTERED.
But why is this technology so important?
Actually, when the blockchain came out there was a lot of uncertainty about the bitcoin, but little by little many began to see the potential of this technology.
The reasons why many took an eye for it is:
There is no company that manages this system, this technology. When implementing it in any type of service, it takes advantage of the decentralization that generates this one. In a nutshell, Nobody controls it.
The speed of the operations it performs.
The security it provides. The blockchain is practically impossible to hack for its encryption system, to hack it would require a lot of computing power that today does not exist.
Transparency. All the data is in a visible register, that anyone can consult and see what the blockchain is performing.
Confidentiality. It is one of the strongest points in this technology, since it allows everything you do in this network to be confidential, without revealing your personal data.
In what could blockchain technology be applied?
Its use can be of great variety as:
Creation of payment systems, application for medical control, incorruptible voting system, creation of smart contracts, etc.
These are just some of the things, but the truth can be explored and done many more things.
An important fact: Blockchain is believed to be one of the biggest technological revolutions in the world after the Internet.
So, in the future do not doubt that this technology is used even for citizen identification in a country.
Thank you.