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Blockchain has a bright future. The numbers speak for themselves: in 2016, startups invested over US$10 billion in the Blockchain technology.

Currently, the Blockchain . Mainstream companies are ready to invest in what it seems to be the greatest novelty in the technological market. Even from the financial sector, a report of Accenture Agency revealed that nine out of ten executives are analyzing how to incorporate Blockchain.

At present, Blockchain is growing as one of the hottest and most intriguing technologies.

Since its creation in 2008, this chain of blocks does not stop growing thanks to its legitimacy and accessibility.

In our last article we spoke about this platform, what is it, how it works and how it is leaving behind traditional databases. Now let’s dig deeper into the benefits it offers:

  1. Decentralization: Blockchain uses a Peer to Peer (P2P) system changing the paradigm of a client-server schema (in which the server has higher hierarchy). Instead it proposes a system in which all users are connected to each other with equal privileges.

This point has two important benefits to analyze. Firstly, decentralization allows a direct relationship between the parties removing the need for an intermediary. And secondly, it removes barriers , which means a greater openness.

  1. Transparency and immutability: once the data is written to the Blockchain, it cannot be modified or deleted. This is an important benefit because it means complete  transparency of all transactions. The data (either it is a transaction or an information) is fixed within the Blockchain, it’s like engraving the data into stone, and it’s is visible, encrypted and publicly accessible.
  2. Durability and reliability: due to the decentralized networks, Blockchain does not have a central point of failure. It’s better able to withstand malicious attacks thanks to the alphanumeric code there is in each block.
  3. Faster transactions: Interbank transactions can potentially take days. With Blockchain, transactions are made directly between the parties, without any third party intervention, and takes no more than a couple of minutes. Even the final cost will be cheaper because there is no asset swap or middleman.

 

Blockchain is a new ecosystem that comes to revolutionize data storage, ensuring a secure, reliable and accessible system.

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