By now, almost everyone has heard about bitcoin and other cryptocurrencies such as etherum, litecoin, etc.
For those who have inquired a little more about the subject, they have also heard about the Blockchain
For many, cryptocurrencies represent a great revolution that will end states, banks, etc. For others, it is just a financial bubble that allows money laundering, and that mobsters and corrupt people hide their wealth through this technology.
But let's talk a little about this topic.
This technology is important and what it represents to advance towards the future, there are bitcoin exchange platforms that have reached agreements with large banks to carry out transactions in some countries, such as the agreement reached in UK (United Kingdom) with the Barclays bank. .
In other countries are already allowing the payment of taxes with Bitcoin, as is happening in the municipality Suizo of Chiasso, which will allow its residents to pay their taxes with this cryptocurrency.
Let's go to the beginning of everything and talk about the Blockchain.
What is blockchain?
Blockchain is a technology that works in block chain, like the exchange of P2P files (they are the acronyms in English of Peer-to-Peer, that can be translated like "communication between equal"), like all the technologies, can be used for many different things, one of those things are cryptocurrency or cryptocurrency, among them the best known is bitcoin, this is not the only one, since there are thousands of cryptocurrencies.
What is the Blockchain for?
We must bear in mind the following:
Bitcoin was born in 2009, but the technology on which the blockchain is based was invented in 1991 and evolved until 1998.
Blockchain serves for many other things
By combining P2P technology with cryptography, it creates a new form of communication and digital exchange.
The transactions included in the blocks are created by the members of the system. All transactions are recorded and transmitted to all nodes in the network. Thus, all members have constantly updated information with all transactions.
A node represents a user connected to the network, so it is enough that at least one node is active for the blockchain network to work.
This technology has allowed the creation of multiple services, from hosting services for web pages (this allows web pages to be stored in the blockchain and not in a single server) to purchase and sale of goods through intelligent contracts that are audited by the nodes of the blockchain.
Banks are working on adapting to this technology to survive in the future, one of the things they are doing is the signing of contracts, as happened with BBVA (Bank) and the company INDRA both Spanish, in this case the first corporate loan, use this technology for these negotiations allows them to take care both parties to avoid altering the contract and avoid corruption cases in it.
But another case is that of Banco Santander, which is working in several countries to carry out international transfers under the blockchain platform, and in this way they avoid intermediaries to carry out international transactions and these can be done from one moment to the next.
Thanks for reading, If your article served you please upvote