Blockchain is the base technology of Bitcoin created by Satoshi Nakamoto and was released to the world in 2008.
It is considered a secure, decentralized, and transparent tool that allows cryptocurrency transactions and digital assets to be recorded and traded at bitcoin-champion.com.
This technology became a boom when bitcoin reached an increase in its value of around a thousand percent in 2013.
For the crisis of the year 2007, Blockchain was strengthened and acquired more outstanding support as a result that there are no intermediaries such as banks on this platform.
Blockchain Features
It is a platform that allows access from anywhere globally and performs currency and digital asset exchange operations; it is essential to define the characteristics that enable this interconnection in real-time.
- Blockchain can record transactions directly between users or financial or commercial operations participants.
- It is safe, efficient, and most importantly, anyone can verify its operations; these operations cannot be altered after being processed.
- It works as an accounting book where the operations are registered in the supply chain.
- Contributes to reducing the inconveniences generated in the world of art, music, and digital-audiovisual media by plagiarism, allowing all acquired assets to be legitimate.
- From a social impact perspective, it could contribute to political elections with the transmission of votes the certification of products, even if the products purchased reach their destinations.
- It serves as a platform to make payments for public services, health, or purchase goods, all transparently and without third parties intervening in the process.
What is the purpose of Blockchain?
The main objective of Blockchain is to carry out operations that are characterized by their transparency and equality not only of the digital market but of the financial, political, and economic systems.
Although it is not legalized, many governments are seeking to adapt to this technology, making significant investments to be at the forefront, offering citizens security and confidence in their operations,
This technology can even represent a new form of economy, where many of the macroeconomic indicators that affect various countries can be counteracted at a global level.
Another of the objectives of this new platform is to encourage the use of digital currencies as tools so that inflation decreases and the issuance of Fiat currencies is not so overwhelming.
Blockchain and traditional networks
With the passage of time and the arrival of the internet to the world, many have had to adapt to technology and somehow digitize their processes.
Many countries have invested millions in creating platforms that allow public transactions, such as payments for services or land properties in some geographical regions.
Traditional networks have been characterized in that their operations have always required the intervention of a central entity or bank to identify and verify transactions.
In addition to determining the legitimacy of the data provided by users, users trust traditional networks since these intermediaries provide security in exchanges, even between outsiders.
This type of private transaction generates high costs in terms of commissions for process operations, which are paid by the end-user most of the time.
Blockchain, although it originates as the platform that supports Bitcoin, its creator Nakamoto explains straightforwardly that anyone who owns a digital or electronic currency can transfer to another user the number of coins they want without any, just by adding at the end of the Blockchain the digital signature and the public key of the new owner.
The Blockchain platform allows all operations to be public, and only the participants are the ones who can confirm them; all these operations are registered in the Blockchain as previously compared to an accounting book.
Users are in charge of verifying the legitimacy of the operations, and the balances go from one digital wallet to another.
Conclusion
Blockchain aims to be one of the world’s leading technologies where not only digital currencies will enjoy the benefits it offers, but more and more areas will work under this innovative platform.
Large corporations have placed their investments on this platform, allowing many of their goods and services to be canceled through cryptocurrencies, generating a new option that gives its users comfort and versatility when purchasing their products.
