Category: trading

What is the Blockchain?

Learn what Blockchain consists of, a technology thanks to which it is possible to create blockchains with public and decentralized management; through which it is possible to store a large database shared by those who have access to them and within which they are programmed in turn to be able to track and closely follow any transaction made by their participating user, do not miss it.

What is meant by Blockchain technology?

Blockchain technology is the one used for the handling and management of cryptocurrencies, Bitcoin or other similar digital assets, in order to store their transactions safely, without the need to use financial intermediaries for their control or guarantee.

It is a system that is being explored by large companies and banks, due to its innovative technology and the extensive business opportunities it offers.

In a few words, the Blockchain is practically a digital ledger, within which financial operations are recorded and monitored so that this serves as a means of trust and protection for those users who choose to make payments through the use of these virtual assets. .

They are basically a chain of blocks in which each transaction from option to modification is registered; the one that is shared with those who have access to it and written on a large number of computers at the same time.

For example, if a member of this network decides to make a movement with their digital assets or cryptocurrencies; this generates associated data that is stored in one of its blocks; which once complete, is automatically coupled to a chain formed by them; thus giving rise to a Blockchain.

What is the Blockchain?

The Blockchain as a chain within which the information that serves as the basis for sharing digital information is stored; whose registration attends to the function for which this online database has been created; because it can be a system used for payments through cryptocurrencies or be used with logistical, medical, food traceability information or for the transmission of electoral data.

The Blockchain, as indicated above, is a decentralized network and to which all authorized users to manage it have access; whose technology allows it to be executed on multiple computers located throughout the world.

On the other hand, its use gives users a series of advantages such as having privacy within their transactions, which, being decentralized, do not depend on any executor or intermediary.

These Blockchain have a programmable and open character; which is one of the most attractive benefits for the financial sector and that within its execution efficient and transparent administrative processes are achieved.

The technology used in the development of the Blockchain is the same used during the creation of Bitcoin, or the famous cryptocurrencies; that they are intangible virtual assets; used to make payments within the transactions that support this digital currency.

The good thing about Blockchain is that its processes are more agile than those followed as part of traditional financial technology, transaction costs are reduced and they are much more transparent as they lack intermediaries.

Although the records within this Blockchain cannot be deleted, this generates trust at the level of its users; allowing people dedicated to activities such as mining, verify the entry of their virtual money in these records and all this in the form of a sequence chain that is distributed to all the nodes that make up this network.

Where each block is added to another forming a chain; and linking based on an alphanumeric code; while its content is made up of transactions or specific information, so that each of these links is linked to the next; allowing users to easily find what they are looking for.