Blockchain Revolution

By Global Trust Association

17 September, 2019 | 02:09hrs

Blockchain technology is changing the way to do business worldwide, just as the Internet did at the time. It has the power to radically transform not only the world of cryptocurrencies but also the different organizational environments.

Blockchain is a new way to store, validate, and authorize digital transactions over the internet. This new working model copies the database on each computer using it, instead of having the information centralized on one server or decentralized on different servers. It does not depend on a central authority, but the power is distributed among the entire network of users. Any transaction in the database requires validation by the participating members.

This group of blocks contains three elements: information related to the transaction made; the hash, a unique and unrepeatable number used to identify the block; and the hash information of the previous block. Thus, the blocks create a chain. Each hash is generated according to the block content; if the block content is changed, it automatically changes the hash, which in turn invalidates the chain. This self-protection feature, based on its structure, makes it an unchanging model, a trust protocol that guarantees the database integrity.

Certainly, Blockchain provides a safe solution to today’s challenges and has very broad application potential.

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