THE BLOCKCHAIN REVOLUTION
To some , Blockchain resonates mostly in the cryptocurrency space , while to others , it ’ s slightly unknown despite being around since the early 90s . However , it was not until late 2008 when the first white paper for a decentralized peer-to-peer electronic cash system was introduced under the name “ Bitcoin ”, which increased the attention of enthusiasts giving birth to other innovative projects that are notorious nowadays . Yet , this doesn ’ t solve the puzzle or mystery of what Blockchain truly is . – What is it then ? In simple terms , we can define Blockchain as a transaction record database , a concept most of us are likely familiar with , and since it ’ s a type of database , what makes it different compared to those we know ?
As a start , it is distributed and validated around the world by a network of computers ( nodes ) instead of a single central authority where no individual has absolute control over the records or data that flows through them .
Its main purpose lies in being decentralized , efficient , verifiable , and secure of possible alterations through consensus cryptographic mechanisms that ensure data always remains secure regardless of time or place . However , there are different types of Blockchains , not just the Public ones that gets referenced or implemented in most scenarios . There are also Private and Federated Blockchains that provide more control and / or restrictions based on who interacts with the network . These last two are precisely those where Private and Public companies can take full advantage by solving some of the common problems we get to experience as professionals in our different areas of expertise . Whether it be Finance , Supply Chain , Oil Supply , Diamonds Supply , Healthcare , Real State , Legal Contracts or even the Media Industry , each carries unique challenges that extend but are not limited to : vulnerability , fraud , time constraints , quality ,