Blockchain (or chain of blocks) is one of the most interesting technologies on the market today, and a pillar of the popular digital currency Bitcoin. Like the World Wide Web in its time, Blockchain has the potential to transform many industries. It has the ability to make processes more efficient, transparent and secure.
For governments, multinationals, investors and entrepreneurs, it is much more than just a pioneering technology. That is why Blockchain development services are increasingly needed by the day.
The prestigious magazine The Economist defines it as a distributed database that maintains a list of records, or blocks, that is continually growing. One cannot change the information contained within a block, since each block has a timestamp and contains a link to a previous block. Blockchains innately behave like a digital and public inventory.
In 2009 Satoshi Nakamoto put it into practice for the first time, which was published, on November 1, 2008, the first application of this technology in the paper: “Bitcoin: A Peer-to-Peer Electronic Cash System” so It is a relatively recent technology.
Although its sound seems more like the key of master keys in karate training, the Blockchain is actually a way of structuring data, and the basis of cryptocurrencies like Bitcoin, which was the pioneer, or others like Dogecoin, Ripple, NeuCoin, Litecoin, etc.
This encryption breakthrough – consisting of concatenated blocks of transactions – allows competitors to share a digital ledger over a computer network without the need for a central authority. No part has the power to manipulate the records: mathematical algorithms preserve the integrity of all of them.
In addition, depending on the type of Blockchain it is decentralized – no one person or company controls the data input or its integrity. However, the entire blockchain is constantly verified by every computer on the network. All its points have the same information, the corrupt data at point “1” cannot be part of the Blockchain as it does not match the equivalent data at points “2” and “3”.
What can you do with Blockchain?
Blockchain has the potential to make the exchange of currency and information more secure in a variety of industries, making data transfers between entities easier. We can assess its use in various sectors or industries.
In healthcare
The use of digital signatures on Blockchain-based data, accessed when authorized by multiple users, can control the availability of medical records and thus maintain their privacy. A conglomerate made up of insurers, patients, doctors and hospitals can also be part of the entire Blockchain, reducing payment fraud in the healthcare sector.
In the financial sector
Today interbank transactions can take in many cases days to be approved and finally entered, especially outside office hours. With Blockchain they are processed at any time, and the time to be completed can be reduced to minutes.
In legal services
Blockchains are capable of bringing together large amounts of data, such as entire contracts. Certain industries can benefit through “smart contracts” or systems that enforce, or facilitate, the execution of contracts through the help of Blockchain. The middleman, as an entity that monitors compliance with the law, can be removed from the equation through these smart contracts, if the payments are completed according to the agreed parameters. The peculiar nature of the smart contract means that it is easily fulfilled by electronic means, ensuring that its control does not fall on a single party.
So do you have any other ideas on where blockchain could play a role?
