What is Blockchain?

The blockchain technology was created in 2008 and known for being the technology that allows Bitcoin transactions. Basically the blockchain is a distributed database (a large ledger or “ledger”) where record of each transaction or exchange is carried out. The innovation of blockchain is that the registry is distributed in each one of the members that are part of the process and since it is not a centralized base, it is practically impossible to modify it once a data has been published. Since the information is in each server of the participants of that blockchain, it should be modified at the same time in each intervening computer; something almost impossible.

We can mention at least 4 strengths of this new technology:

    Being a distributed database, it is almost impossible to alter or hack the information contained in the chain

    Since it guarantees that the data has not been modified since its creation without the consent of those who participate in the process

    It simplifies the traceability of a process, and can be audited more simply

    third parties can audit and control the actions of the State thanks to the distributed information of the blockchain