The importance of blockchain

Origin of the blockchain.

In recent years, the term blockchain became very popular. It is synonymous with open systems and dynamics in which everyone can easily participate.

As described in the Bitcoin white paper presented by Satoshi Nakamoto in 2009, systems based on the blockchain protocol make possible a new, more robust, and accessible form of money that opens the door to a path with an unimagined potential.

Although the term used to describe this technology was “chain of blocks” and not blockchain, it is not surprising that the latter has become better known; since this single word encompasses the majority of the cryptocurrency market.

Blockchain Utility Potential

Despite being one of its great benefits, the contribution of blockchain is not only limited to the possibility of carrying out transactions at a global level at a low cost. The innovation of this technology is that it enables the construction of decentralized systems based on mathematics that does not depend on a central authority.

In the case of Bitcoin, the first cryptocurrency to use the blockchain, its technical operation dispenses with trust in a third party. Instead, the software is in charge of checking the content and validity of the transactions. So that its participants can reach a consensus, thus creating a solid, auditable, fast, and secure monetary system.

As simple as it may seem, it radically changed our history because it allows programming tools to serve as infrastructure for a new financial system. Based on the concept of “programmable money” that does not require a centralized server.

Distributed accounting, immutable records, smart contracts. Therein lies the importance of blockchain.

The use of virtual wallets, for example, today allows digital assets to be managed without having to deposit them in a bank. The same goes for the easy creation of tokens, the minting of stablecoins, the making of loans, among many other applications.

Blockchain: globalization and future

The introduction of blockchain technology ushers in a much deeper new stage of globalization. That is just the beginning; a great start to a new state of global interconnectedness that could benefit everyone, everywhere.

Decentralized blockchains put in everyone’s hands a tool that empowers the individual and allows the deployment of digital asset platforms that had not been secure enough until the arrival of this solution.

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Today, blockchain technology is implemented in many aspects of our daily lives. This is why knowing how it works is vital to stay ahead of the financial and technological forefront.

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