April 12th
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By Juan Merodio
The word blockchain It may look familiar, and you probably associate it with Bitcoin. But what is the relationship between blockchain and business? Let’s start from the beginning.
Blockchain: Beyond cryptocurrencies
The relationship between Blockchain and business
Blockchain technology is the basis that allows Bitcoin and other cryptocurrencies to function. However, its application goes beyond digital currencies. This technology offers a great opportunity to improve organizations and create more efficient models. But how exactly does it work?
How does Blockchain technology work?
The Spanish translation of Blockchain is chain of blocks. Its operation is based on solving mathematical problems. When a problem is solved, a block is created that joins another block, thus forming a chain. All of this is done using cryptographic technology, which offers a high level of security.
The people in charge of creating these blocks are known as miners. Mining consists of solving these mathematical problems. Every time a miner solves a problem and a block is generated, he receives financial compensation in cryptocurrency.
Blockchain in business
Although cryptocurrencies have been on the market for a few years, many companies are beginning to explore the possibilities of blockchain technology. This technology can be used to create more efficient business models, eliminating intermediaries in the value chain.
It is important to note that when talking about blockchain, the term decentralization is often used. This is partly true, as blockchains can be public or private. Bitcoin is decentralized, meaning there is no organization that controls it. However, many companies are creating private, centralized blockchains for specific purposes.
Blockchain Applications in Various Sectors
Blockchain technology can be applied in various sectors, not only in the financial sector. Below are some examples.
- Sector audiovisual: A company in the audiovisual sector is working on the implementation of a private blockchain. All contracts and production rights for your films are recorded in this blockchain. This will allow you to reduce the number of people involved in the process, making it safer, more profitable and automated.
- Smart contracts: One of the most interesting applications of blockchain technology is smart contracts. These contracts can be activated or deactivated automatically depending on whether or not the established clauses are met. This can change the way businesses operate.
- Sector legal: The world of notaries could change significantly with blockchain technology. Instead of a physical signature from a notary, the registration could be done through this technology.
Blockchain: data security and disruptive applications
Data security is one of the main advantages of blockchain technology. Thanks to its blockchain structure and the use of cryptography, data stored on a blockchain is unalterable and secure.
Furthermore, blockchain technology can be disruptive in various sectors. Its applications can range from the development of smart contracts to the creation of secure and transparent voting systems.
Smart contracts: a revolution in business
Smart contracts are one of the most promising applications of blockchain technology. By automating the execution of contractual clauses, smart contracts can change the way businesses operate.
These contracts are not ordinary contracts. They are digital contracts that are automatically executed when predefined conditions are met. For example, if a company reaches an agreement with a supplier, the smart contract can ensure that the supplier receives payment as soon as the contract conditions are met.
Conclusion
Blockchain technology has the potential to change the business world. Not only can it improve efficiency and safety, but it can also open up new opportunities for businesses.
It is not necessary to fully understand how blockchain technology works. The important thing is to know how it can benefit your company. Therefore, it is essential to start learning more about this technology and its applications.
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Juan Merodio
Juan Merodio is an expert in Digital Marketing and Promoter of Digital Businesses (AI, Web3 and New Technologies). He has founded the company that bears his own name, Juan Merodio, and from where he and his team coordinate and develop business consulting in Marketing and Digital Transformation for companies in different parts of the world such as Spain, Latin America, Japan, Canada and the United States.
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Source: https://www.juanmerodio.com/que-es-blockchain-negocios-2/
