The blockchain is often associated with cryptomonies because it provides a secure environment for making virtual currency transactions. However, from intellectual property registration to medical records, it is a technology that can have multiple applications. Understanding how it works and why it is so secure is the key to making the most of this new way of storing data.
What is block chain?The blockchain is a record whose information is stored in nodes or blocks within the same network. The particularity of this system is that, precisely, it forms a chain in which each block is linked to its antecedent and consequent so that they are connected and the data contained in each one of them cannot be manipulated.
To this end, the blocks contain a code that functions as the fingerprint of the intellectual property, that is to say, that protects the integrity of the information found there. The entire chain of blocks is stored on the network, and when new records are created, the network validates and verifies the information before adding that new block to the chain.
What guarantees its security?Because each block in the network stores information from the entire chain, your data can be accessed at any time. Similarly, if someone wants to delete some of the information, they must delete the entire chain, and this is precisely what makes the environment secure. The same happens with the violation of the data that is there: since it contains copies of the other blocks, in order to alter the data that is in a node, all of them will have to be modified.
On the other hand, when entering new blocks, the node to which it is added becomes unalterable. In this way, the information stored there is permanent and lasts over time. Finally, the nodes of the chain are verified through signatures and digital certificates that guarantee the conformation of a legitimate record, impossible to violate. Blockchain
applicationsAssociatedwith crypto-currencies, the blockchain allows money transactions that keep the identity of its participants hidden and, therefore, offers a more secure means of sending and receiving money. However, the blockchain has more applications, such as intellectual property registration and medical reports.
In terms of intellectual property, the blockchain provides the ideal environment for creators to register their inventions and generate perpetual patents. In relation to medical records, reports can be created containing the information of each patient so that the professional can access them at all times. As it stores all kinds of information, the applications of the block chain do not end there and soon we will be able to see systems like these in the transmission of information between devices connected by the Internet of things and even in the real estate market.