BLOCKCHAIN REVOLUTION: WHAT IS BLOCKCHAIN TECHNOLOGY?
The blockchain represents a paradigm which will greatly shape the entire economic system. The term blockchain derives from its structure itself: a network of blocks which are linked through the use of cryptography.
The main application fields of blockchain are:
Financial transactions: a blockchain technlogy allows property to be transferred in an efficient and safe way.
Administrative data: a blockchain technlogy allows to streamline corporate procedures, thus making the system fast and efficient.
Cryptocurrencies: a blockchain creates a peer-to-peer network with the aim of trading virtual currency directly and regardless of a financial intermediary.
Blockchain technology can register transactions between two parties efficiently and verifiable in any moment. Each block is validated by all the previous blocks preventing attacks that can corrupt the distributed database. For this reason, a blockchain can be considered a real safe system.
ADVANTAGES OF BLOCKCHAIN
A blockchain technology allows information to circulate without getting copied. Originally created for the digital currency and bitcoins, now it is increasingly covering other fields.
Blockchain technology allows the transfer of assets and properties instantly and without intermediaries, thus significantly reducing time and costs.
The transaction of goods guarantees data protection and IT security. The passage is absolutely reliable thanks to a cryptographic block system that makes it safe.
Normal transactions can take days to run, but blockchain platforms are active 24/24. This process guarantees a streamlining of the execution time of the transaction.
The fact that users and investors in cryptocurrencies control the transaction ensures that they feel more encouraged.