“What’s truly new is that the transfer doesn’t require a third party to certify the information. And, being intertwined (hence the word chain), the blocks allow for the transfer of data (or value) with a fairly secure encoding through the use of cryptography. Hence, no transfer of value – whether it’s money or another asset that has some kind of value – is carried out through an intermediary, but through a consensus, allowing information to be stored in a transparent manner.Īs its name indicates, blockchain is a chain of blocks, which contain encoded information related to a transaction on the network. ![]() In this sense, it proposes a new financial model, in which authenticity isn’t verified by a third party, but by the network of nodes (computers connected to the network) that participate in blockchain. Meanwhile, logistics, the video game industry, or the world of investment are transforming as a result of tokenization – the concept of turning real assets into digital replicas.īlockchain technology isn’t just a database: it’s a set of technologies that allow for the transfer of a value or asset from one place to another, without the intervention of third parties. Most central banks are already working on their digital currencies. Its beginnings are linked to cryptocurrencies – especially bitcoin – but its journey is much longer and will produce important changes in payment systems. And yet, it’s the foundation of a major economic revolution.īefore discussing blockchain’s potential, it’s best to define what exactly we’re talking about. ![]() Its practical applications aren’t as easy for ordinary citizens to visualize, when compared to the metaverse or artificial intelligence.
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