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What is Blockchain technology?

When we talk about Blockchain technology it is almost inevitable to think of Cryptocurrencies or digital assets; and this is normal since it was these concepts that popularized the main function of said technology.

Contrary to popular belief, Blockchain technology is not only used for the creation of Cryptocurrencies or other Crypto assets such as tokens or NFT’s. Being the concept of a chain of blocks, the true gift that Satoshi Nakamoto gave to humanity.

Blockchain technology is usually described as a database, but it is much more complex than this, since the chain of blocks is a set of technologies that allow the transfer of value or information without the need for an intermediary or third party; It is formed and constantly growing by means of the creation of packages that contain coded information called “Blocks” and each block created is intertwined by means of encryption with another block, hence the name “Block Chain”.

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A common example of what a chain of blocks is, is to see it as an accounting book, where the transactions that are executed within said chain are recorded, the only difference is that this “accounting book” is stored in each of the computers of the participating users, also called “Nodes”, the information registered in this book will be updated automatically in all the nodes, where all the nodes will always share the same information and this can never be changed or manipulated by an internal entity or external.

It is said that it transmits value without the help of a third party since through its consensus protocol all the nodes in the network agree to verify and approve each change within the chain of blocks, regardless of whether one of these nodes it is interrupted for some reason unlike other information transfer systems, where they depend on a central node or group of priority nodes. It also transmits value since each information (transaction) stored in a block, being part of a common project or organization, generates an intrinsic value within it.


Blockchain Technology Applications

As we mentioned before, the technological development that the concept of Blockchain has had over the years has allowed this tool to be implemented in different fields and industries.

Currently there are economic sectors that use the Blockchain for the purpose of tracking and traceability of multiple products, which allows consumers to know the route that a nutriment has had or to know the origin of a precious material or gem, thanks to this technology the purchase of objects of great value such as gold,silver or diamonds which come from some source “with blood” which is a term given to materials that are extracted illegally and sometimes using manual labor enslaved has slowed down.

Thanks to the properties that surround this technology, large industries such as pharmaceuticals have chosen to use the Blockchain system to keep an immutable record in the control of investigations of experimental drugs, thus avoiding human error or data manipulation that may affect an investigation; They have also proposed the use of this technology to control the issuance of pharmacological prescriptions to patients who require it, thus avoiding corruption in the uncontrolled creation of false prescriptions for medicines, which is a fact that hits countries like the United States.

These are just some examples that have been implemented currently, there are many ideas that can be implemented in the near future, such as data control in electoral processes, which is ideal since using Blockchain technology does not require trust in an entity. governmental but in a decentralized system. Also through the creation of smart contracts and Dapps or decentralized applications, they improve the scope of the virtues of a chain of blocks, allowing control of almost anything in the near future.

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How did the idea of ​​the Blockchain originate?

Basically, the idea that gave rise to what we know today as the chain of blocks was trust in a third party, and that is that when seeking to create a currency that was transparent and resistant to censorship, the main drawback was placing our trust in a central body to control our investments or savings; And when seeing what happened with the economic crisis of 2008, it was necessary that the decisions of the course of a currency did not depend on a single organism.

That is why Satoshi Nakamoto took into account 3 factors that play an important role in the development of any Blockchain.

Loss of trust: Taking into account that in order to carry out any economic or exchange transaction between two or more people, it is necessary for there to be a third participant who acts as a judge within the transaction and ensures that all the conditions have been met, Satoshi’s idea was that this third participant did not exist and that the same Blockchain would be in charge of executing all the transactions, each one of them will be verified by multiple nodes (users) and said information could not be altered due to the third factor that we will talk about right away.

The need for anonymity or privacy: It is one of the factors that Satoshi Nakamoto himself included as a tribute to all the enthusiasts of the movement called “Cyberpunks” that thanks to the ideas created by many of its participants, Blockchain technology and what we know today as Cryptocurrencies could be created; The main reason for this feature was to create anonymous or moderately anonymous payments to protect the privacy of its users since, according to this movement, there were more and more controls that deprive people of privacy on the Internet.

The power of Cryptography: This is the key factor within the framework of the Blockchain technology system and it is that absolute security was required within the digital world, since this system had to be Hacker-proof and that the information shared was extremely secure, it is for This means that all the data that we can visualize in a chain of blocks is encrypted and monitored by all the participants or nodes of the system, thus being one of the most secure systems today for sharing information.

At Ccoins we work with 2 Blockchains at the moment, with the Bitcoin network for Bitcoin transactions, and with the Ethereum network for transactions in Ethereum, Tether and USD Coin.

As the Blockchain is a relatively recent technology, it is very normal to see how it does not stand out at first glance in our daily lives, but it is estimated that in the future this technology will be present in almost all areas of a person’s daily life, currently companies such as Walmart, UPS and FedEx use this technology for real-time tracking of their products and, just like these, many more are implementing this great advance.

It all depends on what type of Blockchain, since depending on it, it can be more or less difficult to be part of it; In a public Blockchain such as Bitcoin, it is only necessary to have a moderately modern computer and an internet connection. On the other hand, there are other Blockchains where, in order to be a part, other requirements are required that can limit a common user.

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