Blockchain: what is it and what is it for?



What is Blockchain?

Blockchain has become the technology that will revolutionize the business world and the way to generate reliable digital transactions. In Spain alone, numerous companies are carrying out innovative projects, with an expected impact on GDP of more than €20 billion by 2030. 

However, despite its great expansion in recent years, few professionals have a clear understanding of its possible applications.

Blockchain consists of a set of technologies that allow maintaining a distributed, decentralized, synchronized and very secure record of the information that computers and other devices work with. In this sense, it fulfills the function of a public record in digital operations, allowing to identify each user and device in a unique way, storing and tracing that identification at all times. The authenticity of the Blockchain is not verified by a third party, but by the consensus of all participants in the same network of users. This is its main advantage, since it allows recording a transaction on the web in a verifiable, unforgeable and transparent way, without the need of a third party to corroborate its validity. In addition, Blockchain technology has the potential to reduce costs, accelerate both domestic and international transactions and reduce the risks of fraud through online authentication.

The potential of this technology is practically unlimited. While it is the financial sector that has used it the most, its functionality also applies to everyday uses for organizations focused on sharing and protecting the use of data.

Can any type of company use this technology?

At the industry level, any company could benefit from its potential applications from the total traceability of the product, from the moment it is created until it is acquired by an end user. At the consumer level, this technology together with the IoT (Internet of Things) allows certifying the origin of the product, which is particularly useful for example in food or medicines. In this sense, in addition to minimizing the possibility of fraud, the main benefits of the application of this technology lie in improvements in inventory management, faster identification of problems, and accurate tracking of the different products within the supply chain. Blockchain technology has important applications in other areas such as energy, health, transportation, insurance, automotive, as well as for public agencies that can offer services to citizens in a more agile and secure way (for example, electronic voting).

If you are looking to empower your company, optimize, provide security and reliability in your processes, in Macrotest we can advise you on this project. We have a team of professionals highly trained in blockchain and ready to solve and generate new opportunities.

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