Blockchain translates as “chain of blocks” and is essentially a technology that enables a secure, decentralized, synchronized and distributed record of digital operations to be keptwithout the need for the mediation of third parties.

Blockchain technology emerged as a innovation tool for companies in recent years. As high-impact blockchain use cases are addressed, service providers such as NTT Data are expanding their offerings to build systems and deliver business outcomes that are gain competitiveness adding this technology to their internal processes.

Let’s see what this technology consists of and what potential it has.

What is Blockchain and what is it for?

Blockchain technology has properties that make this possible manage information in a secure and traceable manner, ensuring transparency and privacy of operations. This is very interesting for companies enable you to improve your business processes and define new models based on collaborative environments supported by Blockchain technology.

A key aspect of this technology is that it is capable of guarantee the security of processed data and furthermore be able to prove it. This is known as the principle of proactive responsibility.

It is undeniable that Blockchain carries out information processing with all security guarantees. This security is reflected in three dimensions:

• availability (that they are accessible and “available” when needed)
• integrity (that they are not altered or removed without authorization)
• confidentiality (not disclosed to third parties without permission)

exist plus two other dimensions in the world of security:

• traceability (ability to detect changes)
• authenticity (ability to guarantee truthfulness).

Blockchain allows each block (or “node”) to be stored an exact copy of the stringin such a way that, in the event of an attack, the data will continue to be available in the rest of the nodes, thereby fulfilling the principle of availability.

On the other hand, with a consensus registry, if someone wanted to change the data, should modify the entire chain in at least 51% of the blocks. And if they were changed, there would be a record of it. This guarantees the principle of integrity.

Finally, if the information is embedded in the chain in an encrypted form, data confidentiality is guaranteed.

Examples of using blockchain technology

Blockchain is a technology that more and more people are using many companies and sectors thanks to the advantages it offers in terms of productivity, agility, competitiveness, but also in terms of security and privacy. Some of the areas with the greatest impact of this technology are:

Supply Chain

Storing information in Blockchain enables companies from any industry track and trace the flows of your goods.

One of the areas in which blockchain is being implemented is in the food industry companies can track their goods by assigning a QR code to the products which contains information (such as origin, producer name if organic or from a fair trade company) that is encrypted in the Blockchain and is updated with new information as it progresses through the supply chain.

For example, if a certain product is downloaded, manufacturers can use Blockchain technology to detect affected lots thereby preventing large-scale destruction of this product (resulting in large economic costs and waste of these intact products).

In addition to food, Blockchain technology is also being introduced to ensure the traceability of medical equipment with tracking systems that allow us to verify drug shipments and thus prevent fraud.

Blockchain in the public sector

The public sector is considering blockchain’s potential for development and decentralized governance and improve the citizen experience. For example, to store the tax data of your taxpayers.

This technology it can also be used to store patient health information and allow immediate and complete access to medical records and treatment by doctors, patients and researchers, favoring a direct and personalized relationship between patients and medical staff.

Blockchain will also be able to simplify voting, allow voters to cast their vote without another person having to verify our identity, reducing vote fraud as they cannot be tampered with and removing the task of tallying votes at the end of voting.

Blockchain in the financial sector

Bank sector was the first to incorporate Blockchain technology to its operational processes and transactions, facilitating the marketing of certain banking products, ensuring the speed of operations and preventing fraud risks.

blockchain It is also present in insurance companies enables more effective payment management and premium collection, in addition to reducing operating costs by streamlining their processes.

In conclusion, although it should be considered that one of the tenets of security is that all technology is vulnerable, Blockchain In this sense, it is presented as a robust and advantageous technology.