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Since it appeared, the blockchain technology has started to attract the attention of developers all over the world. It arrived together with Bitcoin, ten years ago, and many people have thought of it as a technology that has only one purpose: to serve as a basic technology for cryptocurrencies, a place where transactions will be made and recorded.
It has enormous potential due to the fact that all transactions are immutable and transparent, which eventually led to a number of different use cases. Nowadays, most people familiar with it know that its potential extends far beyond the support of digital currencies alone. Indeed, blockchain can influence and in some cases completely revolutionize countless industries. Serving as crypto support technology is just one of its use cases, despite what this technology is best known for.
As mentioned, blockchain it is transparent, immutable and precise. This is where all of its potential lies, since it can record large amounts of data and ensure that this data is never deleted, manipulated, modified or influenced by anyone in any way. This is important because one of the big problems in today's business world depends on trust and accuracy. In other words, everyone must be able to trust those they are working with. Also, they must be sure that the factor that entails the human error itself will be eliminated.
Blockchain is not a new concept, and similar technology was imagined decades ago. However, he never acquired a physical form until ten years ago, when he arrived together with Satoshi Nakamoto's Bitcoin. However, since it is still a new technology, many people do not understand what it really is. With this in mind, questioning the nature of blockchain is the natural next step, and many are wondering if the blockchain is just a database.
What makes Blockchain so safe?
One of the biggest differences between typical databases and blockchain technology is that the blockchain is decentralized. Each blockchain user has a complete and secure copy of all the records stored on the blockchain. In this way, everyone can access their copy of the data and ensure its legitimacy. In case of inconsistencies, the blockchain can rely on copies of these users to compare data and discover the truth, which can then be corrected.
And because data can identify and correct errors on their own, simply by comparing themselves with different copies, it is easy to trust its legitimacy. This is why smart contracts are becoming more and more crucial for doing business, setting terms and in the same way.
Another thing that is worth noting is that the different companies work together continuously, but they never share their databases with one another. Their databases are checked and modified by the DBAs (Database Administrators). DBAs are usually only paid for by one of the two or more participating companies. In other words, the DBA is interested in seeing the company that provides the payments succeed.
This could cause them to make changes that will be beneficial to the company that pays them, while the same changes could harm the other company or the companies. In the meantime, other companies may not even know about these changes, whether they are harmful to them, or just benefits for the paying company. In short, there is a significant fear of corruption, which has been present in the business world for a long time and, in many cases, is not irrational.
This is a fear present in all centralized enterprises and institutions, because data is the most important currency, yet they can be easily manipulated by anyone who knows how to exploit them. Therefore, by implementing blockchain technology, collaborating companies can eliminate error points, such as the DBA. No participant can make changes to the information already recorded without this information being corrected.
Not only that, but the participants are discouraged from even trying to make these changes, since all these attempts are recorded and displayed for other blockchain participants to watch. In other words, sharing data via blockchain is safe, reliable, transparent and can never be manipulated by anyone, no matter how tech savvy.
Being able to trust data can make a huge difference to companies, as it will have a direct impact on what they do, how they think and has also created countless new opportunities, such as the inclusion of new participants. For example, if two companies have collaborated on the development of a new product once completed and ready for shipment, they can add another participant (a & # 39; shipping company) to the blockchain and make sure that all shipments are constantly monitored.
It is easy to see why blockchain technology can only be considered as another form of database, but it is also clear that it is much more than that. It is technology that can guarantee the truth, which is something completely new in the world of business and transactions. This is also the reason why it has the potential to eliminate fraud and scams, corporate corruption and other problems afflicting the business world.
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