Blockchain

BLOCKCHAIN BITCOIN

Andres

5/17/2022

Blockchain technology is one of the most innovative concepts in recent years and, although it is most commonly associated with cryptocurrencies, its possible applications go far beyond that.

Blockchain is used to verify data transactions, including all those processes in which data has to be protected, credited or distributed. In addition, blockchain-based applications do not require intermediary institutions.

The information blocks of a blockchain can be explained as links in a chain that are permanently interlinked. This interlinking takes place thanks to cryptographic processes, which ensure that new blocks can be added without replacing or modifying the previous ones. This is why, as time goes by, the blockchain will become longer and longer, making it impossible to modify the stored information.

Each time a member of the network performs a digital transaction, it generates associated data that will be stored in one of the blocks. When that block is full of information, it is linked to the existing blockchain.

The programmable and open nature of this technology makes it possible to innovate in the financial sector, making processes faster and cheaper and transactions more transparent, while at the same time eliminating the need for intermediaries.