Emergence of the Blockchain

August 1st, 2022
Emergence of the Blockchain

Blockchain is an unalterable ledger for recording transactions, tracking assets, and building trust. It facilitates the process of registration of exchange and tracking of assets in a business network; Let's remember that assets can be tangible (house, car, cash, property) or intangible (intellectual property, patents, copyrights, trademarks). Virtually anything of value can be tracked and traded on a blockchain network, reducing costs and risks for everyone involved.

The Blockchain is a chain of blocks, which contain encrypted information of a transaction on the network. And, being intertwined, they allow the transfer of data with a fairly secure encryption through the use of cryptography.

What is really new is that the transmission of data does not require a third party to validate the information, but rather it is distributed in multiple independent and equal nodes that examine and certify it without the need for them to know each other.

Once entered, the data cannot be deleted, only new information can be added, since being a chain of blocks and being connected to each other through cryptographic encryption, modifying them would be impossible because we would have to alter the information of the blocks previous.

There are three elements that influenced the appearance and splendor of the blockchain:

  • Loss of trust: Any intermediary between two people occurs due to a lack of trust between the parties involved, who need a third party to carry out any transaction or transfer of value.
  • Cyberpunks: Due to the lack of privacy and unsafe communications, the movement that defends freedom of expression and resistance to the loss of user privacy in the digital age was created.

• Cryptography: Helps the information shared in the aforementioned block chain appear in encrypted format by large computer networks, to protect it more effectively.