Why Do Companies Consider Adopting The Blockchain?

What is Blockchain?

You’ve probably heard of Blockchain, the technology behind bitcoin, but do you really know what it is? Also known as a Blockchain for its translation, this technology is a shared database that “works like a book for the record of buying and selling or any other transaction.

A Technology With Great Potential

The Blockchain was born at the same time as bitcoin. In fact, it is the information coding system that is behind the famous virtual currency and that supports its entire structure. They soon saw the potential that this technology had for itself and the number of applications it allows beyond financial transactions.

Many consider technology Blockchain also called block chain will become one of the biggest technological inventions of the century. However, more than half of the companies plan to incorporate this software, specifically 57%.

The blockchain is related to Bitcoin, but it is true that its use and application possibilities go beyond a mere virtual currency.

The possibilities of registering events without being able to be modified unilaterally mean that this technology can be used for many companies for different purposes. Banking entities are also studying using the blockchain.

Many banks are currently working on incorporating this type of software into their operations to offer a higher level of security and anonymity for their clients, as well as a registry. To the point that more than 60% of banks are working to incorporate this software in their efforts.

The Blockchain Can Be Applied to other areas.

The business world needs and/or uses the blockchain, but it is not the only area where this technology can be applied. Other possibilities and other fields such as electronic voting are already being considered, a sector where it could have a great future.

Blockchain is still a distributed database with a high level of security, where the modification of data is not allowed individually, only it’s reading and whose modification of data has to go through the consensus of all users.

Bitcoin is the best example of what can blockchain. Currently, the bitcoin blockchain file has a capacity of 40 Tb. And from 2009 until now, bitcoin users have maintained their anonymity, to the point that the true identity of the creator of Bitcoin, the programmer with the pseudonym Satoshi Nakamoto, is unknown.

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Advantages Of Blockchain to Companies

Financial Transactions in a Safe and Reliable Way

The blockchain has gone from being a technology practically ignored to becoming the focus of the innovation of the big banks. financial transactions of two participants in a safe, irreversible and reliable way. The most important thing is that there is no need to use intermediaries to establish relationships of trust between the parties, which, logically, allows cost savings. This is possible because the information “is distributed in multiple independent nodes that register and validate it without the need for trust between them.

Data Impossible To Falsify

One of the great advantages of the blockchain is that once the transaction data is registered, it is impossible to falsify. In addition, they cannot be deleted. In fact, the database has a history of each of the operations since the creation of the technology.

The Information Is Never lost

Another advantage of the blockchain to keep in mind is that, even if the network went down, the information or service would never be lost, but would continue to function. It would only be necessary that one of the nodes that we have mentioned before did not fall.