Blockchain beyond Bitcoin: The financial market is usually sensitive to adopting new technologies, especially those that guarantee greater operational efficiency and a higher level of security in transactions.
Blockchain is one of those technologies known as transformative. Even though its development is often linked to the emergence of the digital bitcoin currency, it offers other benefits for various applications.
Blockchain is the real name behind the structure of the digital cryptocurrency known as bitcoin, and both emerged around 2008. From the significant oscillation and discussion around operations linked to bitcoin, other digital currencies were appearing along with the diversity of applications for the blockchain.
It is essential to know that blockchain goes far beyond bitcoin and has several other applications unrelated to digital currencies. Keep following our publication and learn more!
Its emergence is intertwined with the emergence of bitcoin – mainly because it is considered the technology that provides the necessary structure for the functioning of the cryptocurrency. The first concept was published in an academic article in 2008 by the pseudonym Satoshi Nakamoto.
Its primary focus was to deliver more confidence in financial transactions and prevent the so-called double spending of values, taking all these concepts to the digital world and fleeing the global economic crisis and the real estate bubble. Data can be changed or exchanged in the digital environment, and the blockchain appears mainly to prevent this from happening.
The blockchain network has chained blocks carrying content along with a fingerprint. For example, this content is a particular financial transaction for bitcoin. The big idea behind the technology is to join these blocks in a chain, with the subsequent block containing the fingerprint of the previous one.
These blocks and the fingerprint also have a hash, a mathematical function that transforms the message or file into a code with letters and numbers to represent the initial data. This hash will sign the block’s content; the soup is also changed if something changes. Everything is written in a ledger known as a ledger where all transactions are recorded, and once written, they cannot be erased.
Technical terms are essential to demonstrate the concepts and applications behind the technology and show that the blockchain is not only linked to bitcoin. One of their main advantages is the elimination of intermediaries since they manage all the operations and transaction security autonomously.
Blockchain transforms money and business relationships, allowing you to have a highly digital and decentralized financial environment without intermediaries. Some critical applications have emerged from the technology, showing that it goes far beyond bitcoin.
Leaving the financial market, blockchain delivers more security and guarantees in a critical area, such as copyright. People who create something of value want their intellectual property to be protected even in a digital environment – and technology can be used to this advantage.
A platform based on this technology to manage music through digital contracts and control the use and payments of copyrights. This concept is crucial because it is more comprehensive than musicians, and the most diverse professions, such as scientists, journalists, and writers, can benefit from it.
The Supply Chain is considered one of the big markets around the world that can also grow and benefit from technology. In general, for a Supply Chain to run efficiently, several people must carry out transactions and trust each other – the basic concept behind the use of blockchain.
For example, Walmart already uses blockchain to track its supply chain and quickly determine if there is a problem or failure. With this, the network can even find out information regarding each product it buys, such as knowing which garden a specific apple came from.
Another example of the use of technology in a supply chain network is in tracking mineral extraction in conflict zones – with blockchain, it is possible to know and track the origin of all materials and find out whether or not it may have financed an act of violence.
The blockchain can be used to create identities within the blockchain and start storing information about individuals’ digital life – something like a blockchain identity. Data such as financial, health, and even education information would be recorded, and data privacy would be one of the strengths of this type of application.
Also Read: Blockchain Developer: Understand What It Is
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