You must have heard the word “blockchain” and words such as bitcoin or cryptocurrencies since Blockchain is the technology on which both digital mediums are based.
One of the first uses of the Blockchain was in the area of ‹ ‹currency. At the beginning of its existence, Bitcoin was used as a means of payment, even if this tool did not necessarily fulfil the classic attributes of the currency (in particular, the strictly sovereign competence of its issuance). It was then mainly used in underground networks. Since then, new cryptocurrencies have appeared, such as Ripple (XRP).
Blockchain technology wants to break the centralized world in which we live, where everything that happens on the network and the data generated in it belongs to and is controlled by the providers of the services we consume. This is what it means when we talk about the current centralized model.
Blockchain or “chain of blocks” is a type of DLT technology that, by definition, allows to chain blocks one after another, adding new data in each block and the record of the transactions that have happened in the network.
Blockchain models are decentralized since all members of the network have a copy of the Blockchain. The latter are immutable, and the data in them cannot be modified once chained.
This short introduction to blockchain technology and its main feature will serve as a basis for a better understanding of why you should use Blockchain.
· Security
In the current centralized model, security breaches are possible and occur regularly. All the information is stored at the same point of the system, which makes it more “palatable” and, after all, a single point of failure of the system. By using blockchain technologies, it would be impossible to modify a block of the chain that you have saved since all the network members have the immutable chain and, therefore, they would reject any attempt to corrupt the chain. This is undoubtedly one of the main advantages that the decentralized model provides us.
· Transparency
All movements made on the network are visible to all members. Consequently, any user can observe the status of the information from its source. This is very beneficial when implementing business models based on trust since it is ensured by technology and not by its users.
· Decentralization
Suppose impenetrable security and total transparency are not sufficient advantages to interest us in the Blockchain. In that case, the Blockchain offers us a unique opportunity: to break with the current system to adopt models that guarantee the user control of their data. With this technology, it is possible to give control of the data to the person instead of to the service provider.
· Traceability
Without a doubt, this is one of the best-known reasons why the Blockchain is used. The Blockchain could also be seen as a “digital notary” that records all the movements made without any possibility of corrupting the information. A practical example in this regard can be seen in product traceability that many supermarkets have already implemented.
· Versatility
Blockchain technology is highly versatile and enables us to develop new systems that adapt more quickly to constantly changing models. For example, in a digital society like ours, constantly exposed to new “digital risks”, the Blockchain allows us to create our digital identity and identify ourselves in this environment with total security and transparency.
The issue of digital identity is of fundamental importance not only for individuals but for each type of business. However, since the actual application of this technology can sometimes be challenging to understand, developers from mobile app development company can assist you with practical blockchain solutions to help your business and organization.
A practical use case of Blockchain is DApp (decentralized application) that helps development teams improve their processes and product quality by encouraging cross-code review.
In short, the global situation in which we currently live and all the uncertainty generated by the pandemic has accelerated the process of digitizing our lives and our businesses. As a result, we will go from a centralized model to a decentralized one. But this paradigm shift always has to be reliable, transparent and, not least, it has to respect our rights.
The economic environment of the Blockchain
The evolution of technology is usually slow, especially considering the time between the legislation and the use of the technology. The use of Blockchain has been revolutionary. Either way, there are a lot of projects hatching every day.
Since the creation of Blockchain several years ago, significant changes have been made in terms of transfer speed, data confidentiality, and the consensus method. These developments are the guarantee of the seriousness of this mechanism. As such, several financial institutions have created their blockchains. For example, Microsoft has created its Azure Blockchain. Amazon also has its own (Amazon Managed Blockchain). The massive use of Blockchain by future large global companies seems inevitable, and this process is already underway.
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The Blockchain will be one of the protagonists of the economic recovery and the adaptation of app development companies to the “new normal”.
