At this point it is almost impossible not to have heard the term Blockchain, which is a process that is revolutionizing the way of making transactions without intermediaries. It should be noted that this is a renewal to the market that is bringing multiple benefits.

On the other hand, many relate the Blockchain to the bitcoins, but this relationship is not totally correct. Yes, thanks to blockchain, cryptocurrency transactions can be made, however, the objectives of the block chain are more extensive and focus on the transfer of all types of data.

According to CNET, the blockchain (or transaction log chain) is a network of computers that manages itself so that users, whether individuals or businesses can collaborate and exchange data without an intermediary, therefore, no longer There is fear of a third party altering the data.

Benefits of Blockchain 1

Many countries are already using this technology, and the benefits range from improvements in the health field to the security of archives.

The example of health

According to Grupo Garatu, the use of digital signatures in data based on Blockchain, accessed when multiple users authorize it, can control the availability of medical records and thus maintain their privacy.

The idea seeks to unite a network of insurers, doctors, hospitals and patients so that it is much easier to verify the patients’ previous exams, showing totally transparent information reducing fraud in the health sector. That is, through the blockchain a doctor can access the entire patient’s history safely.

Benefits of Blockchain 2

Less bureaucracy

The excess of paperwork hinders the process of any company, in addition, accounting books also represent a damage to the ecosystem, but if we record this information in a chain of blocks it is much easier to register the company’s data.

It also reduces the mess that leads to register all transactions, also takes less time: inter-bank protocols usually take days, but with blockchain technology the exchange of information (or money) is given in a matter of seconds.

Benefits of Blockchain 3

Greater confidence

With the block chain users have access and control of all their information and transactions. On the other hand, as there are no intermediaries or supervisors between the parties to the transaction, the counterparty risk is reduced. It is much more reliable to work with the person directly than having a moderator controlling the whole process.

Not only is it, but the data shown by the blockchain is consistent, transparent, complete and widely available. This technology allows you to access data without suffering any type of alteration, which guarantees fairer and cleaner protocols.

Benefits of Blockchain 4

We live in a time where technological advances are strongly influencing our daily lives, before technology only served to investigate or communicate, now we have a very large access to all kinds of information to data that even facilitates the exchange of money without intermediaries, this is part of the blockchain protocol.

Private banking is lagging behind, now people have much more confidence in other people or institutions than the banks themselves, an example of which are the block chains and even the crowdfunding that is displacing conventional financing.

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If you liked this post you can read: Blockchains: What are they and how do they affect business?

Blockchain the technology that revolutionizes the world