Blockchain
In blockchain technology a set of individual blocks connected to each other by cryptography give life to a distributed and extremely secure database that allows transactions between two parties to be recorded in a verifiable way at any time.
The validation of these transactions is entrusted to a consensus mechanism distributed on all the nodes of the network that uses the peer to peer method.
The main features of the blockchain are the immutability of the register, the traceability of transactions and security based on cryptographic techniques.
Blockchain: applications
Among the main application fields of the blockchain are:
- Financial transactions: a blockchain technology allows property to be transferred in an efficient and safe way;
- Administrative data: a blockchain technology allows to streamline corporate procedures, thus making the system fast and efficient;
- Cryptocurrencies: a blockchain creates a peer-to-peer network with the aim of trading virtual currency directly and regardless of a financial intermediary.
The areas of use of blockchain are:
- Finance: reduction of bank commission costs, at the same time ensuring savings, speed and reliability;
- Insurance: secure and decentralised transactions to prevent fraud and ensure better data and reports;
- Digital payments: optimisation of transaction processing time, as well as system performance;
- Agritech: transparency and traceability in food transport, shared control and preservation of information;
- Manufacturing sector: support to the logistics and supply chain of companies;
- IoT: easy and secure communication between connected objects;
- Health: management of patients' medical data through a shared system that allows to share clinical information quickly and safely;
- Public administration: digital identity and electronic voting help to combat tax evasion and crime and to simplify services;
- Retail: faster and cheaper payments for a better and competitive service for all the stores that adopt these new technologies;
Blockchain: advantages
- The blockchain technology allows the transfer of assets without intermediaries, guaranteeing control to investors and thus significantly reducing time and costs;
- The asset transaction process guarantees transparent data protection and IT security, thanks to a block-encrypted system;
- Transactions run within 24 hours. This process guarantees a streamlining of the execution times of the transaction, which thus becomes faster.