Minimize the risks of complex transactions, with less time and at a lower cost.
Blockchain is the technological platform used by the Bitcoin network, as well as other cryptocurrency platforms. Bitcoin is just the first and most well-known application of the Blockchain technology. With the evolution of the Blockchain development platforms, more complex transactions are able to be included by means of intelligent contracts, and thus, the number of possible applications has increased significantly to include not only the familiar cryptocurrencies, but also the development of advanced applications in different sectors, such as global payment systems, asset control, real estate control, production chains, and even managing the digital identity of people and things.
MAIN ADVANTAGES OF THE BLOCKCHAIN TECHNOLOGY:
- Time saving In certain situations, such as global payments, processing transactions with Blockchain can reduce the time taken from days to minutes.
- Cost minimization Reliable access to a consistent distributed database eliminates operational costs, such as the integration of heterogeneous systems, and, especially, costs with intermediary parties.
- Risk reduction The mitigation of fraud, adulterations, and other cybernetic crimes is made easier by transparent access to unchanging integral data.
- Increased reliability Processes and records shared with security and greater transparency help checks and audits, ensuring that the technological infrastructure the business partners depend on will work properly.
Blockchain can be described as a distributed database system, maintained and managed in a shared, decentralized way (through a peer-to-peer network, P2P), in which all participants are responsible for storing and maintaining this database. The technology was built with four main architectural principles in mind:
- Operational security
- Decentralization of storage/computing
- Data integrity
- Immutability of the transactions
Main elements of a Blockchain network:
- Fact: this can mean a monetary transaction, the content of a specific document; even a computer program with a small database, depending on the platform.
- Block: a set of facto, generally in a predefined fixed amount.
- Chain of blocks (Blockchain): a set of chained blocks (connected to each other) in mathematical logic, in other words, they are not independent. This is also called Ledger, or Digital Record Book. Once a record is validated, it can never again be deleted.
Every operation or transaction in the Ledger is protected by digitally signed encrypted technology, including the identification of the issuing and receiving nodes of the transactions. When a node attempts to add a new fact to the Ledger, there must be a consensus among all nodes, or a certain number of nodes previously defined by the network, to decide if the fact can be registered in the Ledger or not. If a consensus is arrived at, the fact will be written, and can never be erased again, in a process that bears a slight resemblance to real estate deed registration in Brazil.
Blockchain networks are currently divided into two large groups:
In terms of application, the Blockchain technology has evolved significantly with the possibility of using intelligent contracts.
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