On everyone’s lips and usually associated with crypto transactions, Blockchain is under the scrutiny of experts, who to date question whether it is an intermediation technology that will revolutionize the issue of security or if expectations have exceeded expectations. reality behind the facts.

What Is Blockchain ?

Blockchain consists of a distributed database whose purpose is to preserve a continuous and dated record of transactions. It is known in the Hispanic world as a chain of blocks , since it is represented graphically by means of a diagram in which each “block” is a unit (transaction) and these are progressively linked to each other.

Even though there are numerous applications of this technology, it is usually associated mainly with the Bitcoin cryptocurrency, innovative due to its new economic proposal of high security and difficult to trace, which, in turn,  have made it an attractive tool for Ransomware and others. types of cyber attacks.

One of the most notorious qualities of Blockchain is that transactions become immutable; in other words, as soon as an exchange has been validated –regardless of its nature– between the parties involved, there is no way to alter it without altering previous transactions.

In addition, it is a decentralized system in which each exchange requires only the consent of the parties involved. This mechanism works in such a way that, in the absence of an authority that serves as a central axis, it gives it greater stability by not having a central point of failure and makes it more resistant against cyberattacks.

Potential Business Benefits

On the one hand, its implementation in the internal processes of a company would allow a more rigid control of internal exchanges. Unlike Bitcoin, whose platform is open to the public eye, the use of Blockchain can be tailored so that only relevant employees have access.

Likewise, it was originally conceived within open source, so the ERP sector has been able to adapt it with relative ease, from registration systems to management and accounting in supply chains.

Let’s think for a moment about the immense benefits that the banking sector would have if the Blockchain were widely implemented to have cryptographically shielded monetary records. Or the elimination of intermediaries and human error in critical information transfer operations, such as in a vote counting system, stock management or even secure access to patient medical records in the health sector.

Furthermore, this methodology would render multiple forms of phishing obsolete and would enable the creation of a system accurate enough to be able to track particular units within huge shipments, so it is easy to understand what makes this technology so attractive and what has led to it. renowned industry leaders to experiment with its potential uses.

Also Read : Technological Innovation In The Financial Sector