This new method of uniquely registering certain groups of products individually or in groups, has managed to speed up the processes and follow-up of operations of multiple processes related to objects or valuable goods, but what is blockchain as such, I will tell you in detail. the precise way possible.
It translates as blockchain. Basically, blockchain is a set of technologies that allow keeping a secure, decentralized, synchronized and distributed record of digital operations, without the need for third-party intermediation.
In that sense, the most complete definition is the one given by Don & Alex Tapscott in their book Blockchain Revolution: “an incorruptible digital accounting book of economic transactions that can be programmed to record not only financial transactions, but practically everything that has value. ”.
Each of the data blocks is protected and linked to each other, allowing the participation of certain users (each associated with a block). Thus, the transaction is not verified by a third party, but by the network of nodes (computers connected to the network), which is also the one that authorizes any update in the Blockchain by consensus.
To exemplify, you can think that company A wants to send money to company B. When doing it with blockchain, the transaction is represented as a block of data, which is transmitted to each of the parties that make up the network.
The latter must approve the validity of the operation. The money moves and the block will be added to the chain, thus generating the immutable and transparent registry.
Therefore, blockchain technology fulfills the function of registering, preserving and protecting the information of any type of digital operation, without the intervention of third parties. In other words, it operates as a shared and continually updated database, making it easy to exchange assets and manage smart contracts, among other options.
In practice, it can be used in a number of industries in tasks that go beyond the exchange of money, such as accounting records, traceability of products in the supply chain, management of medical and identity records, loyalty plans. , contracts and dispute resolution.
It is for these reasons that blockchains have become so popular and have acquired value by themselves, given that they give certainty to the processes in which they are involved. We will read each other in the next one.