What is Blockchain? How can society benefit from such disrupting technology?
Distributed Ledger Technology (DLT), popularly known as Blockchain, is a technology devised by Satoshi Nakamoto in 2008 and presented as a set of algorithms and architectures distributed over a network that allowed the creation of a decentralized digital currency based on cryptographic techniques called Bitcoin. The solution proposed by Nakamoto has become the most popular digital currency today, and in fact most of the existing digital currencies today are evolutions of the architecture presented by Nakamoto. Today, banking is where Blockchain is most developed despite its legal restrictions on use. But its use has great potential in any domain in which it is interesting to have an immutable record of events, and can be seen as transactional databases,
replicated at various points, in which the responsibility to verify the information to introduce is distributed among several actors. That’s why Blockchain has the potential to eliminate intermediaries and the power to fundamentally change industries as we know them. Blockchain allows, for example, supply chain partners to build relationships of trust without the need for intermediaries or, perhaps, even traditional purchasing processes. And most importantly, they make it possible to build more agile supply chains through “Smart Contracts” that negotiate and close agreements with partners around the world in an automated way. Blockchain technology is estimated to be a disruptive technology in several sectors, including industry and the circular economy in a specific way. Blockchain provides decentralization and custody of data sovereignty fundamental to the success of these applications. Blockchain offers additional functionalities for the audit of data and security of the same that are very interesting for companies, especially those who want to adapt to the new production models that are currently under development. In TECNIO Centre EASY, we promote the utilization of Blockchain technologies by developing distributed architectures to exploit all these mentioned advantages in all kind of environments: Industry 4.0, smart cities, data management and mobile technology. We pursue to advance in both, theoretical and technology transfer fields, so we keep a constant pacing of output technology that is ready to get to the market with guarantees of success.