> Meet the new technology that businesses are using
Very much in vogue now, Blockchain technology has arrived and settled in the business world. But do you really know what it is, how it works and why it is relevant? In the following note, we are going to explain why this technology is changing the way the world's most important businesses are structured and why it is relevant to keep up with it.
Blockchain could be defined as a structure that allows data to be stored in a way that is almost impossible to falsify. Unlike an encryption system, Blockchain is presented as a public electronic ledger that can be shared with other users, generating an invariable record of transactions. These transactions or intangibles can range from intellectual property documents, patents, copyrights, trademarks...basically, anything of value that can be traded.
So how does this technology work? First, each transaction is stored as a "block" of data (hence the name "blockchain") that shows the movement of an asset. That block of data records the information you want: who, what, when, when, where, how much, and even the condition, such as the temperature of a food shipment.
Each block is connected to the previous and next block, as appropriate. This generates a chain of data that concentrates the information about an asset: from where to where it moves, when it changes ownership, etc. Each block is unequivocally connected to avoid alterations. This connection of blocks reinforces the verification of each one and makes it tamper-proof; this feature is what makes this technology so attractive: its unalterability. And thus makes it a highly reliable system.
1 > One data blockchain to dominate them all
In our day-to-day lives, information is fundamental: we deal with data in even the most mundane tasks. Business is no exception; in fact, its greatest value is information. The faster, more secure and accurate the information is obtained, the more value it generates for the business. In that sense, Blockchain technology comes to supply a vital need and to generate an advantage for those who quickly incorporate it into their processes.
A network created through Blockchain can track orders, payments, accounts, production details and much more without regard to countries, schedules or other protocols. This possibility generates an unparalleled advantage and opens up a range of possibilities for companies to expand their operations.
2 > The coming crypto world
Blockchain is just one part of something that is being talked about in the digital and technology world: Web 3.0. It implies the overcoming of intermediaries and a democratization of management that today is centralized by a few large companies that still maintain a business model based on advertisements and publicity. On the contrary, the new Web 3.0. puts this under discussion with proposals for open protocols, user-generated content and a "token" economy. That is, forms of encryption that do not depend on the giants of the digital world and that allow the exchange of sensitive information without the intermediation of third parties.
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