Blockchain is a new technology that has the potential to revolutionize not only the economy (as it is already doing with Bitcoin), but also many other business areas such as: insurance, health, logistics, industry, security, transport and communications, to give some examples.
In general, this technology provides a distributed and shared database, formed by a chain of blocks designed to avoid its modification (immutability) over time, thanks to the cryptographic link between blocks. In these blocks the data is in turn linked and encrypted to protect the security and privacy of operations.
Among the most important characteristics of blockchain is the fact that it is a decentralized network, formed by a large number of nodes in charge of verifying and validating operations and generating the blocks, so that the block corresponding to a certain operation (in each block there may be a variable number of transactions) is recorded in a single, common and shared “gigantic account book”. This way the network provides all the trust without the need for a central entity.
Due to the large number of possibilities offered by this technology, it is expected that soon the way in which companies and institutions work, as well as the relationships of trust among them, will change very soon. No doubt the transformation has already begun and in the coming years it is expected that some business models will change drastically.
Tribalyte Technologies has an R&D team dedicated to the development of decentralized applications (DApps) on blockchain and is part of Red Alastria. Would you like to know what Tribalyte can do for your company?