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Fundamental and differentiating characteristics of the Blockchain technology


The technology


Blockchain,


considered the most disruptive technology after the Internet.

It has some fundamental and differentiating characteristics, which make it ideal for implementing development processes, both in the private and public sector, as it allows having a transparent transaction base in the eyes of its users.

Thus, in Cuadro Legal law firm in Medellin, we bring you 4 characteristics that make it the most valued technology of today:

 

  1. Immutability of records:  The data recorded in this decentralized database is stored in encrypted or encoded form, which means that any transaction made over the network is irreversibly recorded. This reduces the risk of alterations in user transactions.

  2. Information security: by storing data in the blockchain with cryptography, greater traceability and security is generated for users, as each transaction they execute is irreversibly recorded in the blockchain. In such a way, they always have direct access to their transaction history in the Blockchain.

  3. Decentralized database: This feature makes it unique compared to other information technologies. Since the data is not stored in a single server or data center, there is greater traceability of the data, since it does not have a single source on which it depends, it does not have a single point of vulnerability. On the contrary, the information is distributed through different nodes.

  4. Elimination of intermediaries: decentralization allows this technology to be used without intermediaries. Therefore, the users can interact directly without the need for third parties to bog down transactions with lengthy processes.

Written by: Alejandra Cardona M

      

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