The Blockchain technology allows us to store information that can never be lost, modified or deleted.
The blockchain is a unique record, agreed and distributed in several nodes of a network. The blockchain can store a history of transactions, for example, a given monetary unit or an individual’s medical history, as well as verifying and validating all types of information, such as digital certificates, democratic voting systems or logistics and messaging services.
Some analysts project an exponential growth of the blockchain in the next 5 years, with special application in markets like IoT or financial institutions.
It is an immensely powerful tool for communicating and storing information reliably. The data is stored in blocks and follows one another in a chain (hence the name). All blockchain users can track history, add blocks to the chain or follow transactions from one end to the other, depending on the permissions they have. As it is a distributed technology, where each node in the network stores an exact copy of the chain, the availability of information is always guaranteed. And its agreed and linked record makes it unalterable.
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The blockchain represents a new paradigm given the way information is shared and managed.
The blockchain potentially puts an end to the need for intermediaries acting as a central authority and trusted by other users, which speeds up transactions and reduces costs. After the debut of the blockchain in the financial sector, applications are being sought for use in other industries where transparent and secure transactions can be made at lower cost and in less time.
