What is a Blockchain?

Blockchain is a disruptive IT technology which enables value transmission through the internet in a trustable and transparent way.  This technology favors partnerships among the members of a business network without a previous relationship of trust.
EQuartz Chaine de blocs

Blockchain integrates efficiently DLT (Distributed Ledger Technology) through which each participant  (node) of a business network has an identical copy of the status and transactions regarding a specific digtal asset*.

Each block of the Blockchain is, by analogy, a picture of a digital asset’s status in a certain moment and that has suffered a change produced by a transaction between two or more nodes in the network according to the agreed rules of a smart contract.

It contents:

  • The reference of the previous block
  • The changes in the digital asset, called transactions and validated by all the nodes of the network.
  • The date and time corresponding to the creation of the block
  • The background of the validated blocks which have affected the digital asset.

In order to build the chain, the link between blocks is made by an indestructible glue: a mixture of computing power and cryptography.  Data validation and the block itself are made throughout networking consensus mechanisms. Blockchain reinforces DLT adding immutability and transparency features for any business network.

*Some digital assets in the industry:

  • Industrial, personal, medical and legal data
  • Energy
  • Intellectual copyright
  • Certificates
  • Currencies

Some applications:

  • Internet of Things (IoT) and Automation
  • Artificial Intelligence
  • Supplying chains
  • Payment schemes
  • Fraud prevention
  • Patents
  • Network management

In conclusion a Blockchain is decentralized, without borders, neutral, censorship-resistant and opened. There is no need to trust in intermediaries because a smart contract is executed automatically and the only relevant aspect is that all transactions are validated by the network.  Your company may enjoy all these benefits and build or make part of what we call an Intelligent Business Network.