Blockchain: the future now

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Blockchain: the future now

Blockchain is one of the technologies that we have heard more about, from cryptocurrencies to smart contracts.

Let’s review a little what is blockchain and why is the future of technology now. The Blockchain is a set of technologies that allows keeping a distributed, decentralized, synchronized, and very safe register of the information that computers and other devices work with, that is to say, it would come to fulfill the function of a public register in the digital operations since it allows to identify each person and device in a unique way and to store and trace that identification at all times.

What is its great advantage?

The great advantage of Blockchain is that it allows recording a transaction, contract, or any other type of action on the Internet in a verifiable, unforgeable, and transparent way, without the need for a third party to verify its validity. In addition, it allows adding to the chain with the same reliability the history of evolution that this agreement may have.

This is super important since every payment, every contract, every task, is performed as a reliable record. This is why it serves to keep a record file of who the virtual currencies belong to, such as Bitcoin.

Although we have been hearing about blockchain for a long time, the truth is that this technology that structures data into blocks of information is not experiencing its greatest boom.

If we talk about cases of uses in which this technology is not used for crypto-currency, the truth is that blockchain is being used in process automation in companies in the retail sector, reducing response times for companies in the real estate sector, which makes blockchain a key element in new business models because it allows data to be shared securely and without intermediaries, thus reducing the economic impact of data integrations and innovating processes.

Each validated block has an immovable place in the chain and is replicated in the different nodes of the network. This way the information is always available and cannot be modified, which ensures the transparency and confidence of the operations.

Today, several sectors have already joined the ecosystem, from banks, restaurants, hospitals, insurance companies, real estate agencies, airlines, and many other sectors, since the system is more secure.

But what makes it more secure?

This chain of blocks (or blockchain) can contain any type of information, from contracts, which when they pass to the blockchain network are called smart contracts, to sensor information for industrial machinery.

The blocks are distributed among the participants according to the agreed consent and permissions and, thanks to encryption, are kept secure and reliable, as each block contains information from the hash of the previous block.

The entire chain is stored on each network node that makes up the blockchain, so an exact copy of the chain is stored on all network participants.

When an attempt is made to alter the information in one of the blocks, the nodes make a consensus, verifying that the new block does not contain the hash from the previous block, the chain is broken leaving the altered block outside of it.

What is expected for the future of this technology?

The Gartner consulting firm indicates that from 2021 blockchain will begin to take off massively.

The growth projection will be exponential: by 2025, a turnover of around 176 billion dollars is expected for the blockchain and 3 trillion in 2030, just five years later.

If we want to get there, we have to start as soon as possible. Contact Agilika today to learn more about incorporating blockchain into your Dapp.

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