Blockchain Write For Us – The blockchain is an ecosystem of blockchains. Basically, blockchain technology allows us to carry out digital transactions safely, quickly, and decentralized without the intermediation of third parties.
- Secure Thanks to cryptography, a computing practice based on blockchain technology. The operations in a blockchain environment are encrypted using a code.
- Fast: Blockchain technology is highly efficient, allowing much information to be processed quickly, which speeds up the transactions that are carried out.
- Decentralized: does not depend on third parties. This means nobody or the institution’s mission is behind the operations between interested parties through the blockchain network. In other words, without intermediaries.
Ralph Elder, general director for Spain and Latin America of BNY Mellon IM, explained to us in a Finect Live what this technology consists of:
What blockchain technology is
We will try to ‘translate’ it to understand what the blockchain is and how it works in a way that is a bit more ‘walking around the house,’ with an example.
Put on that you owe 500 euros to your friend Álvaro. You open your bank app and are ready to make a transfer, a Bizum, or whatever. At that moment, the bank is behind a sharp eye’, reviewing that little money you passed to your friend. That is, removing it from your account (goodbye, 500 euros) and putting it in your friend Álvaro’s. Who knows if even charging you a transfer commission, already passing through, or taking a couple of days.
So far, we are clear that neither you nor your friend Álvaro (who you have just made happy with those 500 euros) have any control over the bank’s process to send your money to his account.
At this point, blockchain technology would come in: this chain of blocks completely eliminates this process that banks do; that is, it eliminates that third-party control. Since it puts into operation a system through which transactions are made directly between the two interested parties, validating through the chain of blocks we have previously discussed.
How does it work
With blockchain technology, you have complete control over the money transfer process and acquire speed and effectiveness since these transactions are usually immediate or done in a few minutes.
This chain of blocks, as if it were a massive book of records (in which the forms are the blocks), protects the privacy of our transactions thanks to cryptography.
Of course, there must be several nodes (these are users or computers that communicate with each other and share encrypted information), which are the ones that verify and validate all those transactions. Come on, you and your friend Álvaro are not alone: you are part of an ecosystem. The blockchain ecosystem!
Here is a summary of the process:
- When a deal occurs, it is recorded as a “block” of data. This is secure as the transaction remains encrypted.
- They form a chain of data that reflects the sequence of transactions and the exact time, joining so that the information is not altered or changed, with total security. We can say that each block contains the footprint of the transaction and the user who carried it out.
- These blocks are joined to form the so-called blockchain chain. This string cannot be manipulated or altered.
- The transaction is verified by the network of nodes (users) connected, as we said, never by third parties. Continuing with the previous example, those 500 euros to our friend would move, and the block would be added to the chain. Thus, a completely transparent and unalterable record is produced.
What does blockchain technology have to do with Bitcoin and other cryptocurrencies?
The first thing you must be very clear about is blockchain is not Bitcoin.
But blockchain technology is a fundamental part of any cryptocurrency, including Bitcoin, since cryptocurrencies rely on it for their transactions and operations. In a digital money environment, having a system of the same type to record and reflect all these transactions is quite efficient.
Still, as we have seen, its use goes far beyond cryptocurrencies.
Also, when you hear about protocols within the blockchain, you should know that they are that set of rules that allow us to share data between computers. In the crypto world, they establish the structure of the chain of blocks, that is, the base, to distribute them safely. This is something that directly relates the Blockchain network to cryptocurrencies and tokens.
Here, you have everything about investing in cryptocurrencies in 2022.
What is the relationship between the blockchain and tokens?
Tokens, blockchain… There are too many buzzwords, we know. The digital value unit used in a specific virtual environment for a particular purpose is called a ‘token.’ And this is done effectively within a Blockchain network.
It is that kind of ‘first brick’ that is found as a support for all transactions. Cryptocurrencies are tokens that serve as a store of value and, in some cases, a means of payment. Of course, not all tickets are cryptocurrencies, but they have many more uses.
We can find 2 categories of tokens:
- Fungible (tradeable) tokens.
- Non-fungible (unique) tokens: Here, we find the ‘famous’ NFTs focused on collecting art… Here, you have everything about what NFTs are and how to invest in them.
Blockchain and Ethereum: How they are related
Ethereum is a network for developing decentralized projects based on the blockchain. Various activities can be carried out, from exchanging tokens to generating more complex figures within this network.
In fact, Ethereum is the best-known project for creating decentralized applications (DApp) distributed with ‘smart contracts’ or intelligent contracts. And what is this? As we all know, a contract is an agreement between parties in which we reflect a series of premises or conditions: what can be done, what cannot, requirements, etc.
They do not depend on any authority, which allows them to completely decentralized. Like the transactions mentioned above, these contracts are between the interested parties and do not go through anyone else.
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