What the heck is Blockchain?
You must have heard, read, and talked about it by now but, do you really know what Blockchain technology is?
According to the multinational technology and consulting company IBM (2020), “Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk, and cutting costs for all involved.”
It appeared in response to the need for an efficient, reliable, and cost-effective system for conducting and recording financial transaction. In essence, Blockchain is a decentralized database. No privet entity has control over the transactions that individuals make through this technology.
How it works
When you store data you may do it in your computer, in a USB or in a server, which saves all the material in the cloud. The difference between this last option and using Blockchain is that, in the first case, that server belongs to a private organization but, with this new technology, that information is placed in different computers all around the world that belongs to different users, called nodes. A copy of the information is created in each device, making it incorruptible, and each user must validate it. Therefore, an individual could never modify that data without anyone knowing, since there is a record in which all movements made with these are stored.
In practice, it is the replacement of a notary. This external agent is responsible for certifying the contract between two parties. With Blockchain we can do this digitally. There is an external record that stores any contract or transaction between two parties.
The process is quite simple and, as we have mention, it involves several users that must agree that a transaction is valid. Hence, to make that transaction, the parties must inform of their intention, but they don´t need to reveal their identity. People only know that an amount wants to be transferred from one wallet to another one.
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