Tech

WHAT IS BLOCKCHAIN?

Carlos Quiroz

What is blockchain? Among other things, it is one of the buzzwords in recent times. The blockchain is also a concept that poses a huge revolution not only in our economy but in all kinds of areas. Understanding what this chain of blocks is is not that difficult, and given that this concept is being used more and more, we wanted to do a kind of quick introductory course to the blockchain to explain what it is, how it works, and what is the revolution it poses. The chain of blocks.

blockchain diagram

What is blockchain? Among other things, it is one of the buzzwords in recent times. The blockchain is also a concept that poses a huge revolution not only in our economy but in all kinds of areas.

Understanding what this chain of blocks is is not that difficult, and given that this concept is being used more and more, we wanted to do a kind of quick introductory course to the blockchain to explain what it is, how it works, and what is the revolution it poses. The chain of blocks.

Goodbye, mister (banker) intermediary

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hello blockchain

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Well, a gigantic account book in which the records (the blocks) are linked and encrypted to protect the security and privacy of transactions. It is, in other words, a distributed and secure database (thanks to encryption) that can be applied to all kinds of transactions that do not necessarily have to be cheap.

This chain of blocks has an important requirement: there must be several users (nodes) that are in charge of verifying those transactions to validate them and thus the block corresponding to that transaction (in each block there is a large number of transactions that, yes, is variable ) is recorded in that gigantic account book.

Now, on many occasions the "blockchain" is directly associated with cryptocurrencies. No, it’s not, although it’s a very popular area lately (as well as NFT's but we will talk about that in another article) the term "crypto" is derived from the use that is given to the blockchain, let's say that in more everyday terms, the blockchain is a digital asset management system, decentralized, versatile and full of broader possibilities than simply cryptocurrencies.

To close the short article, i will make some very concurrent questions that perhaps you can think about, investigate or debate with other people… Is this the future? Will it be just an investment opportunity that comes and goes like any other business/work of the moment? or are we really at the beginning of a decentralized era?

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