Concept Blockchain or chain of blocks The handcuffs began to rotate Bitcoin etc Cryptocurrencies, However, the concept goes far beyond that.

It is a technology that seeks to give credibility and traceability to various processes. To understand how this happens, it is necessary to know some of the features of this system, which, according to many experts, represent a real revolution that paves the way for a new stage on the Internet.

1. What is a blockchain

A blockchain is a database that is shared between different computers that are part of a network. Each computer or node, as it is called in these cases, has a record of all actions performed.

Unlike a centralized system, such as a traditional one, where there is a system that controls all the information, here it is done in a distributed way, i.e. every computer or node has information.

2. Traceability

The fact that information is stored in different nodes that are interconnected through cryptography makes it easier to verify transactions.

There is a clear record of each step taken. This is what gives the system traceability.

3. Security

Blockchain, as such, does not belong to one person, it is distributed. The fact that each node stores information gives the system security because if the computer stops working or is damaged, the data does not disappear because all other nodes or computers have a record of the data or transactions performed.

It should also be noted that information is encrypted, it includes public and private keys that provide the layer of security that is so important (more so) in the digital world.

4. Cannot be changed

The blockchain is public, which means that everyone can see it and it is impossible to change it. If anyone wanted to change the data, all the nodes or computers where the information is stored should be hacked because, as already mentioned, everything is distributed here, it is not a centralized system.

5. Reusable

In cryptocurrencies

The first of these is related to cryptocurrencies that are in vogue today. These currencies are not regulated by any of the central units and allow money to be shared anonymously. They are also another form of financial investment that can be attractive but also more risky, especially in some cases where large price fluctuations are observed.

Smart contracts

While blockchain is often associated with cryptocurrencies, the truth is that this technology has created something bigger than smart contracts. Talk about them started when Ethereum came out, which came out in 2015 and which gives exactly one of the reasons for their creation.

Smart contracts are code-based contracts that are automatically terminated if certain pre-defined conditions are met. This is a conventional contract just what is certified through this technology.

Each movement in the blockchain leaves its digital mark. Smart contracts provide for clauses and the network confirms their performance. It also records what steps should be taken in case of non-compliance (distribution of goods, return or whatever is appropriate).

Digital identities

Blockchain can also be used to verify digital identities. This is the case with Proof of Humanity, an Argentine Santiago Siri project that seeks to connect ethereal addresses with real people in order to realize that this person really exists in an analogous environment.

It will be used as a step towards universal and digital revenue with ethereal cryptocurrency, helping people without resources, without the mediation of others.

vote

Blockchain can also be used to regulate electronic voting. In this sense, it will give a new impetus to the implementation of this democratic act. However, there are still opponents who believe that this methodology still does not provide sufficient guarantees to ensure reliable operation.

NFTs

NFTs are another use for blockchain. NFTs are proprietary certificates stored on a blockchain and backed by blockchain technology typically associated with digital assets such as visual arts, video, music or collectibles.

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