What is blockchain technology? Do you know what it is for? Before delving into this concept, you should know its origin, which dates back to 2008 and a group of programmers who worked under the pseudonym of Satoshi Nakamoto.
In fact, the beginning of the Blockchain takes place with the design of the first cryptocurrency. That is, Bitcoin.
This cryptocurrency was realised under the P2P or peer-to-peer protocol. Over the years, however, the blockchain has developed other applications. Find out more with our unique beginner's guide to Blockchain: Types, uses and benefits.
"Blockchain" refers to a blockchain in a distributed database. In other words, a digital ledger, which is stored in different data.
Consequently, access to such data, to carry out transactions, will not be possible on a single computer; it will be possible on a number of computers. different devices connected to the internet.
On the other hand, an important feature of this blockchain technology is that it information cannot be deleted. It will only be updated and always with the support of the vast majority of users accessing this 'digital ledger'.
It is also worth noting that blockchain is not only used in the financial sector. In this beginner's guide to blockchain, we will see later on which sectors or industries we can apply it to.
Each transaction recorded in this digital ledger is recorded as a block of data. In each block, any movement made and information concerning it will be displayed.
In effect, each block of information (in which each transaction is located) is connected to the block before and the block after it; forming a data string.
Furthermore, these blocks are joined together in a completely secure manner, in order to prevent tampering.
This prevents anyone from tampering with the chain and creates a ledger in which the information is distributed among the different blocks.
Depending on the type of blockchain network, we can basically distinguish 3 types:
Blockchain offers immediate, transparent and shared information. In this post about blockchain for beginners, we tell you about its main benefits:
This type of technology offers high efficiency and therefore high reliability. The ledger is shared between the different users and therefore time and actions are optimised. In addition, the so-called "smart contract" rules are stored in the blockchain network and are executed automatically.
On the other hand, it should be noted that the problems that have arisen with this type of network have not been caused by the software, but by malpractice or actions of hacking.
Blockchain technology is secure. Why? Because as it is open source, all users have the opportunity to modify. This way, if a hacker came along and wanted to alter something, the vast majority of users would be aware of it, so it is very difficult to hack a blockchain.
Moreover, being a blockchain, the information is distributed and not stored in one place. So, in the face of a malware attackIf the network is damaged, only a small part of the network would be damaged, not the whole network.
In the case of private blockchain networks, access is limited. In this way, the security of the network is preserved.
Only authorised members will have access to various information. This is very interesting for a private company.
In the financial field, blockchain technology streamlines a lot of steps. For example, when it comes to making transactions. While this can take days in an ordinary bank, blockchain technology works 24 hours a day, 365 days a year.
Finally, blockchain technology serves to reduce a company's costs. No intermediariesThe payment is direct between individuals and companies.
As we said at the beginning, this beginner's guide to blockchain is a must for beginners. the different applications of this technology. There are many employment sectors where we can use blockchain (not only the financial sector with cryptocurrencies).
For example, blockchain in logistics is really useful to improve operational costs, as well as to avoid any kind of error during the supply chain. Logistics is joined by other sectors or industries such as: food, tourism (when making reservations), insurance companies, the music industry (as regards copyright), NGOs, social networks, politics (with the elections), the health sector and also in the legal field.
What did you think of this beginner's guide to blockchain? Did you find it interesting? At IMMUNE we have specialised training in this technological field. Our Bootcamp Blockchain in Legal is aimed at legal and risk professionals. Available in both online and face-to-face versions.
In addition, the IMMUNE campus offers a wide range of training courses. Don't miss our Master's Degree in Advanced Cybersecurity or this one Data Analytics Bootcamp.
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