One of the most fashionable terms in this 2019 in all the technological forums is, no doubt, “Blockchain”. In this post of our Blog, we would like from Abaco Developments to shed light on the definition of Blockchain and and wich are the possible applications in the technological world:

“Blockchain” in his own name starts to give us some clues about how to define this concept. Literally, it is a “chain of blocks”. Of course, we are talking about blocks of information that conform a historical chain to all the information that has been generated since the very beginning of the platform that uses this technology.

Something peculiar about this chains of blocks is that they are harder to be corrupted compared to other similar technologies, and this is due to the chains are copied and stored in many different isolated nodes. In this way, if one node is corrupted due to an external attack to the system, wrong information is quickly identified and corrected with the proper information.

Moreover, this technology implements an encrypted keys system that allows the user identification, providing with anonymity to the user that is, in occasions, required.

Let’s see possible applications of Blockchain:

  • Technological base for cryptocurrencies: Blockchain became well known as technological base for Bitcoin. The chain of blocks allows in this case to keep all the historic transaction registered, granting the security needed for the system.
  • IPerson’s identification: starting from the most basic persons identification systems in a commercial database to the most sophisticated persons identification systems used by the central security intelligences, all of them can benefit from the use of chains of blocks. The system would in this case keep a history of each persons characteristics together with the identification elements and the range of dates associated to the mentioned data.
  • Electronic voting: Blockchain technology would enhance the capacity to dentify persons together with the backup of historic transactions to generate electronic votes absolutely secured. This would lead to, practically, a redefinition of the democracy concepts, with people capable to take decisions each day that would impact them, and doing it no matter in which part of the world they are as long as they use a simple electronic device connected to the net.