If you haven’t been living under a rock for the past few years, you’ll know that the blockchain has come to revolutionize completely the world of technology and finance equally.
Despite its novelty, we cannot underestimate The power of blockchain applications and less when It is estimated that by 2032its market value will reach more than 832 billion dollars. In that sense, we should all have at least an idea of What is this technology and how can we use it? in our daily lives.
If you finally want to understand the crypto world, keep reading. Here you can start to delve into what is blockchain, What applications does it have? in finance, healthcare and government systems. Learn how to take advantage of it today!
What is blockchain and how does it work?
In very simple terms, blockchain It is a database system distributed that allows the transfer of goods between multiple computers or nodes on the network and keep a record of these business transactions. Unlike other payment systems, Blockchain does not require third party interventionbut the consensus of the network itself.
The way this works is through a “chain of blocks” (hence the name) connected through a code security method called cryptographyThis reduces the need for verification by intermediaries and the risk of human error.
Furthermore, since this system works through a chain, technically, does not allow changing historical information which is already in the previous database, only gives the option to add more information in a later block. Thanks to its chain structure, it can be access and track data easily entered.
For all these reasons, many consider that Making business transactions through blockchain offers more security and privacy for users and organizations, both public and private.
Blockchain Applications
Financial sector
Probably the most popular application of technology blockchain They are the coins bitcoinalthough there is sometimes confusion between these two terms. The bitcoin It is a type of unregulated exchange currency that can be transferred via blockchain.
The reason why bitcoin has dominated the discussion for some years now, and that there is reached its highest peak ever in March of this 2024, is due to the trust it has gained from a financial institution. Those who defend the technology blockchainsee many benefits in the accessibility, decentralization and security that offers.
For example, lately it has become very popular to do “smart contracts” either smart contracts; these are stored on the blockchain and indicate actions that will be executed automatically when the conditions agreed in the contract are met. This allows greater agility in all types of transactionssuch as transfers, change of owners and digital certifications.
In the financial sector, use blockchain Instead of a traditional banking institution, it allows:
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Make transactions at any time of the day and with greater speed
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Choosing the commissions that will be paid for each transaction
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Accessing goods with fewer available resourcesonly with a cell phone and Internet connection
Supply chain
As we mentioned, the structure in connected blocks between themselves allows locate entered data more easily and have more transparent processes. In sectors that depend entirely on monitoring of Supply Chainusing blockchain has been truly revolutionary.
This can especially benefit the food industry, where access to every stage of the supply chain, from production to consumption, It saves a lot of time and resources. Many countries have already noticed this potential: for example, in the Netherlands region, More than 15 companies created a consortium to experiment with blockchain in the supply chain, integrate other technologies and document progress.
Electoral and health systems
The transparency and security that blockchain technology promises could favor systems that handle sensitive or high-priority datasuch as medical records or votes in a popular election. In the case of voting, by creating a secure protocol for blockchain could reduce the potential for fraud and increase the size of the electorate.
In health systemsis already used Encryption technology in different applicationssuch as verification of medical credentials, transfer and storage of medical records, blood and organ donation, among many others.
Although there is a long way to go, technology blockchain has faithful believers in its future possibilities. Time will tell how much this potential will continue to be exploited.
Let nothing stop you with Anáhuac Querétaro
And what’s next for you as a student? If you want to not only learn more about blockchainbut also apply these technologies in your professional experienceyou will surely want to know the area of study of Economics and Business from Anáhuac University Querétaro.
Here at Anáhuac Querétaro, we are distinguished by a truly diverse and up-to-date educational offering to specialize in smart business. Do you want to be Expert in the most valuable asset of the future? Study the Bachelor of Science in Data Science; but if what you are looking for is become the financial advisor that everyone wants to learn how to invest, your career awaits you in Bachelor of Actuarial Science.
Don’t wait any longer and Contact us to learn about the admission process in Anáhuac Querétaro. The world is constantly evolving, but with our support, There will be nothing that will stop you.
