September has arrived and with it a new cycle for the Blockchain ecosystem. Little by little the news go from mere announcements of new cryptocurrencies to new applications of Blockchain technology.
The influence that the blockchain has had as a disruptive tool within the web environment is undeniable, not only are there many projects that flourish daily in the shadow of this new concept, but also the increasingly changing positions of world governments in the face of this technology, many of which of those who initially placed obstacles and censorship, now not only allow but finance developments based on the “chain of blocks”, understanding the potential that lies within this system of “distributed accounting”.
For governments and countries it is quite a challenge to regulate these new situations and, as César Molinas says, “it is also not clear that seeing what the people declare to the Treasury will know if it steals or not”. On the other hand, the information that banks already have about their clients is enormous, to the point that they do not give the same credit to a person who makes money at night or for the day.
This type of information extends to the currencies themselves – or crypto currencies – when transactions are made in a blockchain network, which ultimately amounts to a data record, a large account book. In this case, each transaction of an object joins the previous history of all the transactions that have been made of that object. It is a database but with a different model from all those created so far, since the blockchain multiplies its potential: it is decentralized, multiuser and distributed by different nodes, which are the computers that participate in the network.
Alicia Pertusa, Head of Strategy and Blockchain in Customer Solutions of BBVA, participated in the Economics Course organized by Menéndez Pelayo International University organized by the Association of Economic Information Journalists (APIE) to explain the blockchain’s potential in the financial environment, a potential that he described as “enormous to change the entire business model”.
It’s a safe and immutable base,” he explained, “because it works like blocks. It is not crossed out, no information is added that replaces the previous one, but the information is added as a chain and each new block contains the information of the previous block; that’s why it’s impossible to break. ” As a consequence of this model, the same information is shared by all the parties in real time, which speeds up the financial transactions in a way never seen before and eliminates the figure of intermediaries
Alicia Pertusa gave the example of international payments, which usually go through the co-responsible banks that are checking all the data and agents involved in the process. “That’s why they can take between two and four days,and the final result is not known until the money arrives,” he explained. “But with a single database that has the same information at the same time, it is not necessary to collect that information point by point”; Operations that would take two to four days can now be accelerated to only 45 seconds.
The strength and speed with which the blockchain emerged has not given almost time to be able to carry out conscientious studies and analyzes that allow us to determine the magnitude of these changes of paradigms, the academic formation in this area has been limited to the empirical efforts of “Enthusiasts” and users to understand the foundations that support the increasingly innovative projects, making it necessary to establish formal training mechanisms to expand and sustain the knowledge of this new environment.
September 2018, we sit in front of our computers, waiting for new advances always supported by the community. This weekend we started with surprises rising the cryptocurrencies on August 31 unpredictably and contrary to what was predicted by some that would happen this day, so Bitcoin continues on the 7000 dollars and the total market of cryptocurrencies has added 8 billion dollars to its valuation.
Columnists specialized in economics launch their doomsday messages, asking the reader if this is the end of cryptocurrencies, although they recognize the value of the technology that sustains them.
Welcome to Bitcoiner.Today season 2018-2019. Pass and read what comes forward as a series of situationsin which the word “currency” continues to clothe devil cryptocoins, but his promise of freedom creates so many sympathizers, that it is no longer a matter of pointing and attacking a coin; It is an ecosystem.
Writer by birth, curious by profession … I learn a little more every day from the cryptocurrency.