Blockchain technology is best known for its relationship with cryptocurrencies. However, Bitcoin or Ethereum, over time, have become particular cases of the “blockchains” that Satoshi Nakamoto first introduced in 2009 to promote Bitcoin. For example, it has the potential to be applied to record keeping, workflow automation, or tokenization. The secret and differential component of blockchain technology is the decentralization of operations.

In almost all the activities that are normally carried out, the figure of the mediators intervenes. Intermediaries validate transactions and transactions; money, movements of consumer goods in supply chains, records and certificates, etc. Centralization creates hedges in operations and transactions as they have to wait for the corresponding validation round.

Blockchain: Decentralization is the future

Blockchain bears some resemblance to traditional databases: the goal is ultimately to store and track data, but from then on the similarity between the two technologies is pure coincidence. Blockchain records transactions in a distributed and decentralized manner, designed by blockchain networks, ensuring that operations are immutable.

With Blockchain, once the algorithms involved in the transactions and records to be managed are specified, no intermediaries are needed and other processes are facilitated, such as audit of operations or automation of tasks that required the image of a mediator. Smart contracts, for example, one of the examples of Blockchain applications, are automatically created and signed if the conditions defined in the processes are met without having to be verified by an intermediary organization.

Companies like Asseco, which specializes in the development of IT solutions for business, have already integrated Blockchain into their repertoire of transformation and digitization solutions for companies as strategic pillars for sectors such as banking, insurance, education or healthcare.

Transparency and cryptographic customer service

Blockchain, in its technological vision, as a distributed network, tracks transactions and records in a way that cannot be changed. In addition, traceability allows you to recover operations performed in a business process without the possibility of falsification, modification or deletion. Blockchain block validation operations are performed using complex and secure cryptographic algorithms.

These are some of the virtues of Blockchain, which is rapidly moving this technology to real applications. In fact, Gartner shows it in the “Hype Curve for Blockchain Technology,” where decentralization of applications, blockchain proposals or portfolios like PaaS and Blockchain platforms have left the “despair” phase. Smart contracts or tokenization are in this phase indeed, but the speed at which Blockchain application and use cases move is remarkable.

The forecasts are already talking about a million dollar numbers around it. Without going any further, according to the consulting firm PwC, the impact of Blockchain technology on Spanish GDP will be around € 20.1 billion by 2030 and around € 1.5 billion worldwide. The use of blockchain in companies with more than 50 employees in Spain is 11% according to IDC data.

Areas of application are diverse and find their place in education, banking, supply chains, energy or mobility. In each of these sectors, different virtues of Blockchain are exploited, such as traceability, security, or process automation.