Since the popularisation of cryptocurrencies, blockchain technology has become widely known. A blockchain is a register, a large database which has the particularity of being shared simultaneously with all its users, all of whom are also holders of this register, and all of whom also have the capacity to enter data into it, according to specific rules set by a computer protocol which is very well secured by cryptography. It should therefore be extended to other areas such as energy, logistics, health and insurance, and not just limited to finance.
There is no control body for transactions carried out via this network as in banks for example. Here, each member of a network has specific authorisations to access the information shared on it. Since the blockchain is like a non-editable book, all other participants receive the same data. Visit Diginex.com to find out more ways to use it to solve problems.
Fast peer-to-peer exchanges
This saves time, but also money in transaction costs. Here, both parties do not need one or more intermediaries to exchange value. This advantage is mainly used by crypto-enthusiasts who exchange non-fungible coins or tokens from all over the world. They call this dimension revolutionary.
The risk of typing errors when filling in on paper or any other physical medium is also eliminated.
Secure and tamper-proof network
In blockchains, data is divided into chains of blocks. Each block contains information about a series of transactions. The principle of succession of these blocks acts as a history stored in several places. It is therefore possible to follow the history of an asset from its birth.
In pharmaceuticals, for example, products in the supply chain can be traced. The result is a reconstruction of their journey from their supplier to the pharmacy or distributor. It relieves health workers of the burden of counterfeit medicines.
There is therefore almost no way to falsify or delete certain information after it has been validated by a minor. The problems of transparency and traceability are therefore solved.