Blockchain is a technology that allows you to create and manage a shared and immutable digital ledger, in which transactions between different parties are recorded without the need for intermediaries or central authorities. The blockchain is based on a network of nodes that maintain a synchronized copy of the ledger and agree on the rules for adding new blocks of data, which contain information about transactions. Each block is connected to the previous one via a cryptographic code, which guarantees the integrity and sequence of the data. Once entered, data cannot be modified or deleted, making the blockchain a reliable and transparent source of truth.
The blockchain was born in 2008 as the system that supports the digital currency Bitcoin, created by a mysterious author with the pseudonym Satoshi Nakamoto. Since then, blockchain has found applications in various fields, such as finance, logistics, healthcare, energy, public administration and many others. In fact, blockchain offers numerous advantages, including:
Decentralization: the blockchain does not depend on a central entity that controls or manages the register, but is distributed among all participants in the network, who can verify and validate transactions autonomously and consensually.
Security: the blockchain uses advanced cryptographic mechanisms to protect data from cyber attacks, falsification or corruption. Furthermore, the blockchain is resilient to failures, as each node has a copy of the ledger and can restore it in the event of a problem.
Transparency: the blockchain makes all the transactions that take place in the register visible and traceable, ensuring greater accountability and trust between the parties involved. Anyone can access the register and verify its correctness and consistency.
Efficiency: blockchain eliminates the need for intermediaries or third parties to verify or authorize transactions, reducing the costs, time and complexity of the processes. Furthermore, the blockchain allows transactions to be automated through so-called smart contracts, i.e. programs that are activated based on certain conditions and perform predefined actions.
There are different types of blockchain, depending on the degree of openness and participation in the network. Permissionless blockchains are those where anyone can join the network and contribute to block validation, as is the case with Bitcoin. Permissioned blockchains are those in which access and the role of nodes are regulated by an authority or consortium, as is the case with Hyperledger, an open source project that aims to develop blockchain solutions for businesses and organizations.
Blockchain is an ever-evolving and innovating technology that promises to revolutionize the way we exchange and manage information, assets and values. Blockchain is in fact considered one of the enabling technologies of the fourth industrial revolution, together with artificial intelligence, the internet of things, cloud computing and virtual and augmented reality.
