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Blockchain technology

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Blockchain technology: a chain that will never break

 

From all the ages, the transmission of coded messages has been one of the areas that has had the most creativity. The need to encrypt a message so that it was not interpreted or altered made many nations turn their gazes to the languages from the original civilizations. Such is the case of the code talkers.

This term defined the role of the Navajo Indians who were used by the United States Army in World War I and II. The use of this special code meant that the messages reached their destination from the US troops, as well as from their allies, without the Japanese army being able to decipher it.

In these historical episodes, code talkers have been emblematic for the encryption or shielding of messages so that they are not violated. Under this principle, computer science engineers achieved a sequence of blocks that encode the information, in such a way, so that it cannot be altered.

From code talkers to secure information links

 

In 1991, scientists Stuart Haber and W. Scott Stornetta created an encrypted information technology that, in 2008 and with the emergence of the cryptocurrency market worldwide, became known throughout the world. But what its creators were looking for, deep down, was to preserve the original information, preventing it from being altered. Haber and Stornetta sought to achieve encryption for digital documents, a goal they achieved but, later, it was used for many areas.

This technology received the name of Blockchain, which is the same as a chain of information blocks, where the data has a single record, agreed and distributed in multiple nodes of a network. It is like a kind of ledger that cannot be altered.

 

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Source: Pexels

How the chain of the Blockchain technology works

 

If we think of the structure of a chain that is composed of links, where each of them contains the encrypted information and it will reproduce itself according to a pattern, if the information in only one of the links is modified, the sequence of the chain is altered.

A number of valid records or transactions will be stored in each block. Information about that specific link or block will also be included and the binding relationship between this link, with the previous and the next through the hash, or unique code, contained in each block.

With this codified sequential principle, each block has a certain and immovable position within the chain, since each block has a code (hash) corresponding to the previous block.
Simultaneously, the complete information chain is stored in a network node made up of the blockchain or chains of encrypted information blocks, and this information is shared by all associated network participants.

In addition, for each record that is attempted to be entered, it must first be verified and validated by the sequence node to later be added to a new block that will be woven into the chain..

Blockchain technology: a very secure chain

 

One of the great potential of this computer technology is based on the fact that each node of the network stores an identical copy of the chain, which guarantees the availability of the information at any time that is requested.

If there was a hacker who tried to violate this system of blocks, he would have to cancel all the nodes of the network, a situation that is impossible to do. If you partially violate the chain, there will be a node that contains the original record, which ensures integrity.

Another characteristic of this system is that it is mathematically binding to each other. That is, the information is in each block of the chain, if one more block of information is added, the previous blocks are shielded and become unalterable and if it is modified, the chain is broken.

In other words, the information contained in this technological system can never be altered, it will never be lost, it can never be eliminated or modified. Additionally, each node of the network will use certifications and authorized digital signatures.

 

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Source: Pexels

Blockchain technology applies to everything

 

If we analyze the characteristics of Blockchain technology very well, we can conclude that it can be perfectly used to save any sensitive information, since the system saves it intact and permanently on the network, only the person who has the key, called the encryption key, can access it.

The Blockchain can be perfectly used for health records, maintaining the medical history of each of the patients on the network, which can then be accessed by authorized doctors. It is also perfectly applicable for digital document management.

On the other hand, in electronic commerce, it serves as a book of accounting entries. Similarly, this system allows you to verify, validate, track and store any type of information, starting with digital certifications, smart contracts, financial transactions and voting systems.

 

How many companies have Blockchain technology

 

As documentary production advances, the electronic market expands and new uses are envisioned, the Blockchain gains followers and customers, specially in the world of cryptocurrencies and in the global financial sector. Large technology and financial companies are the first interested in this technology, among them we can mention the mega-technological monster IBM that has invested close to two hundred million dollars.

Other companies that are at the top of the large ones that use and recommend this technology that can be mentioned are:

  • Coinbase, a North American technological financial company that is operating since 2012, conceived as a digital wallet that allows transactions for the purchase and sale of cryptocurrencies.
  • Salt Lending, one of those companies also called a Fintech, dedicated to the lending sector. This company allows its users to use their cryptocurrencies for cash loans.
    Mythical games, due to its large volume of data and for keeping the originality and ownership of the characters safe, video games are another of the industries that use this technology to preserve their product.
  • Gemini, another of the North American companies that are dedicated to the technological financial sector, where they become a platform for the exchange of digital assets, including cryptocurrencies.

More and more companies are becoming “technological banks” giving rise and accelerated growth for a robust financial sector. You would only need to take a look at the market, the volume of elaborate information produced and offered by this system to safeguard the data over time, without taking up space and always within the reach of those interested in it.

If you want to immerse yourself in the Blockchain technology, request advice from us, we are technological artisans who make your requirements possible in the world of computing and Blockchain. Do not stay behind and turn your company into a robust technological platform.

Seek advice with he best, look for Péndulo Software, contact Us through our phone number +1-206-741-1041, by email: info@pendulosoftware.com  on Instagram: @pendulosoftware or at Twitter: @pendulosoft and we will gladly guide you.

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