BLOCKCHAIN: HOW IT WORKS AND ITS APPLICATIONS

Do you know what blockchain is and how it will affect us?

#economy #innovation #internet

No doubt you will already have heard about this technological development. Here is a video to tell you more about blockchain, how it works and how we can expect it to revolutionise our lives in so many different ways. Take a look!

Read the complete video voice transcription

READ THE COMPLETE VIDEO VOICE TRANSCRIPTION

The emergence of the Internet brought us more freedom, by allowing the establishment of connections in real-time and the exchange of products, services and contents between any two points on the planet. We are now on the eve of a new revolution thanks to blockchain, a technology that will allow smarter and more secure value transactions to be carried out.

Currently, economic transactions are processed by banks, using credit cards or PayPal. However, blockchain will eliminate these intermediaries thanks to the use of smart contracts, which will be selfexecuted when both parties comply with the terms and conditions established in the contract, simplifying the process, eliminating commissions and fostering privacy.

This is possible because blockchain does not store information about transactions in a single database, but it distributes it in encrypted form in different computers, from which the ledger can be checked. Each block added to this distributed ledger is saved in all computers, cannot be modified and must be previously verified by the entire network... This creates a set of mirror ledgers, which are more resistant to cyberattacks than any single database. All information is registered with a transparent approach and can be audited by anyone.

However, what is most important about blockchain is not its structure, but its possibilities:

  • In addition to eliminating intermediaries, blockchain will make it easier for us to receive a refund when the seller does not comply with the terms and conditions of the contract. For example, if you buy plane tickets and add an insurance policy that guarantees that your money will be reimbursed if the plane is one hour late, you will automatically receive the reimbursement amount when this occurs.
  • In combination with the Internet of Things, blockchain will allow our household appliances to make their own purchases. For example, your washing machine will buy soap powder when you are running out.
  • We often find deceiving headlines when searching for digital content. However, blockchain will end this by charging advertisers for how long a user stays on a web page and not for clicks.
  • Until now, electronic voting systems have been vulnerable to cyber-attacks and counting errors. These problems will also disappear with blockchain, allowing the voter to check that the vote was submitted correctly with the use of a private encrypted key.

To sum up, we are about to experience a revolution in value transactions, which will continue with a process of expanding our freedom and guaranteed rights, starting with the Internet. New times. New lifestyles. New solutions with no intermediaries, based on the public trust on blockchain. More transparent, quicker and cheaper.

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