The blockchain (or block chain) is a technology that allows you to create a distributed ledger in a computer network without the need for a central server or database.
The updating and management of this accounting book can only be done in consensus with all the parties that make up the network.
For this reason, the computing power of all nodes in the network is used not only to enter information, but also to protect it from unauthorized modifications.
As a consequence of this, the blockchain also known as allows reaching very high levels of security compared to other technologies.
How (chain blocks) technology works?
Basically, any type of information that needs to be preserved intact and must remain available can be stored on the blockchain in a secure, decentralized and cheaper way than through intermediaries.
In addition, if this information is stored encrypted, its confidentiality can be guaranteed, since only those who have the encryption key can access it.
In the financial industry, for example, a few years ago this technology began to be used to improve existing products and services, such as international money transfer services or to make payments.
Some banks have started using blockchain for these services, making international transfers faster, cheaper, and more secure.
In the supply chain, the benefits of (chain blocks) technology are also being used for real-time tracking of goods as they move from hand to hand through those that make up the supply chain, guaranteeing the authenticity of the product through of a more transparent process.
Without a doubt, blockchain makes the immutable and decentralized layer that the Internet has always dreamed of a reality. A technology that allows confidence to be removed from the equation and replaced with mathematical truth.
What benefits does blockchain bring?
Three important benefits of blockchain
reinforced security
your data is sensitive and crucial, and blockchain can significantly change the way you can visualize your critical information.
By creating a record that cannot be changed and is encrypted end-to-end, the blockchain helps prevent fraud and unauthorized activity.
The information is stored on a network of computers rather than on a single server, making it more difficult for hackers to see the information.
greater transparency
Without blockchain, each organization must maintain a separate database.
Because the blockchain uses a distributed ledger, transactions and data are recorded identically across multiple locations.
All network participants with authorized access see the same information at the same time, providing full transparency. All transactions are recorded immutably and are time and date stamped.
Instant traceability
Blockchain creates an audit trail that documents the provenance of an asset at every step of its journey.
This is particularly useful in industries where consumers are concerned about environmental or human rights issues surrounding a product, or in an industry with counterfeit and fraud issues.
With blockchain, it is possible to share provenance information directly with customers.
Have we clarified your doubts about the blockchain?
From DTRACER we are committed to disruptive technologies, and we want to be part of the paradigm shift in the blockchain network, so if you have any questions or simply want to comment on what you think of this post, put a comment to see your point of opinion.