What is the Blockchain?

‘What is the blockchain I’ve been asking this question a lot lately. And not because everyone wants to invest in Bitcoin or altcoins (ah, don’t you know what altcoins are? Well, I’m in to tell you another day.), but that’s because we’ve heard some other kind of blockchain-based projects lately. We already commented a few weeks ago. how blockchain technology was applied to cryptomonedas, for example in Bitcoin… as well as

you want to do it by doing it by miningit bitcoins / «rel =» noopener «target =» _ blank «> in this same blog you will find an entry on cryptomoneda mining with a more technical and deep vision… but The Blockchain is not only used for Bitcoin transactions, it has many more uses. Let’s see first what exactly that means to the blockchain.

What is the blockchain?

The translation of blockchain is literal, «block chain,» and it’s basically a distributed accounting book. (although then we will see other uses that can be given) with three main features: it is distributed as we have already commented, decentralized and secure.

Imagine an account book where you have an identifier in a column, for example 0001 and in the second column you have a value, for example $20. For that account book is sent to the entire network and, once it is distributed, the rest of the nodes are including notes and synchronizing it again, so that everyone has the same updated copy with the same information.

Let’s see it more clearly with an example: Think of your life bank.: To know how much money you have, you must connect to your website (I will not talk about ‘update the card’ as my friend says @ CesarTowers10) and see the balance you have in your account. In this case You’re just trusting one entity, your bank, which says how much money is in your account. but it may not be true or it may be wrong… it hasn’t happened to you, but it could happen by a computer failure. In turn, when you make a transfer, you

bank has to contact the other bank to note in your account that you have X less money and inform the other bank that the recipient’s account has X more money, adding to all this your commissions and your waiting hours (at best, as international transfers may take several working days) and doing it in a totally opaque way in the eyes of the user, who can’t see how the transaction is going or if one of the banks takes too long to answer Right? Well… using Blockchain to make a Bitcoins transfer for example, you would have to send a message to the entire network say

do ‘I want to make a transfer of X bitcoins to this portfolio address’ as the portfolios are anonymous You can see how much money is inside but not who they belong to. At that time, the network would verify that you have enough bitcoins to make the transfer. If all is right, the transaction would be recorded and validated, without waiting, and would be part of the trading block, although it has not yet been distributed throughout the network. Once that block has been completed with all the transactions that fit, it is valid, it is numbered and generated a new block where the new transactions are to be recorded, which is done by the

mathematical gorms (this is what we know as the mining process we explain more technically in this entry).

Other uses of blockchain

Think about the results of a blood test When your doctor says’ the lab has sent us the results… and you have two news books left ‘. In this case, we are confident that the lab has not been wrong. We’d probably ask for a second opinion and they’d do the tests again in another lab, but… imagine that your blood can be tested at the same time by chorropotohundreds laboratories and give you the chorropotohundreds the same result, you would no longer have any doubt that you have two news stations left.

The example I like most is The vote. Yeah, that thing we do sometimes the Spaniards to make a fool of themselves again in front of everyone. As you have heard sometimes, There are always problems with the count of votes, that if the votes by mail, that if the Spaniards who are out and vote No way.that if in the old-age homes they give the ballots they love the old… a thousand stories. Now imagine a distributed vote book where you can vote on a digital basis and your vote is distributed and counted in real time, without having to count the votes by hand one by one.

the end of the day (it is of course that we continue to use a manual count in full 2018), and of course cannot do any kind of trap and even authenticate with your DNI- e (now that it’s safe again) and your webcam so that no one can supplant you for having your NID- e, which would make us vote even from home or from the office, saving the travel costs and inconvenience associated with that day.

There are also projects that aim to use Blockchain for clinical history, which you will know at this time is not synchronized and if you move from one community to another you will have to inform yourself in the health center of your entire medical history as it is not possible to export and import this data… with Blockchain not only could be done without problems, but that a system could be implemented at European level so that if you are in another country and you have to go to the doctor, this doctor has a copy of your medical history where you can add information and it is automatically synchronized once validated by the rest of the node.

EU countries.

In short, the Blockchain is a kind of database distributed among systems that do not have to have a trust relationship between them and with the particularity of being decentralized, synchronized in real time by all the systems that are members and validated by several of the network members.