Blockchain technology

The term blockchain derives from its own structure: a set of individual blocks connected to each other by cryptography, which gives rise to a distributed and extremely safe database that allows transactions between two parties to be recorded in an always-verifiable way. The validation of these transactions is entrusted to a consensus mechanism distributed on all the nodes of the network, which exploits the peer-to-peer method.

The main features of blockchain technology are the immutability of the register, the traceability of transactions and the security ensured by the cryptographic techniques.
The blockchain is having a strong impact in many sectors. In fact, since it records transactions between two parties in an efficient and verifiable way at any time, the blockchain can be considered a safe system.

Areas of use of blockchain

The main application fields of blockchain technology are:

  • Financial transactions: a blockchain technology allows property to be transferred in an efficient and safe way;
  • Administrative data: a blockchain technology 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.

The areas of use of blockchain are:

  • Finance: reduction of bank commission costs, at the same time ensuring savings, speed and reliability;
  • Insurance: secure and decentralised transactions to prevent fraud and ensure better data and reports;
  • Digital payments: optimisation of transaction processing time, as well as system performance;
  • Agritech: transparency and traceability in food transport, shared control and preservation of information;
  • Manufacturing sector: production of new technologies that support logistics and supply chain of companies;
  • IoT: easy and secure communication between connected objects to create certification solutions based also on the data coming from these connected objects;
  • Health: management of patients' medical data through a shared system that allows to share clinical information quickly and safely;
  • Public administration: digital identity and electronic voting to fight tax evasion and crime and to simplify overall services;
  • Retail: faster and cheaper payments for a better and competitive service for all the stores that adopt these new technologies;
  • Electricity: intelligent management of electricity production and consumption;
  • Enterprises: simplified business processes and business costs reduction in order to increase financial efficiency.

Blockchain: advantages

  • The blockchain technology allows the transfer of assets without intermediaries, guaranteeing control to investors and thus significantly reducing time and costs;
  • The asset transaction process guarantees transparent data protection and IT security, thanks to a block-encrypted system;
  • Transactions run within 24 hours. This process guarantees a streamlining of the execution times of the transaction, which thus becomes faster.