What is blockchain technology and what is it used for?

Blockchain is a term that has been gaining a lot of attention in recent years as it represents a revolution in the world of technology. Blockchain is a type of technology that is responsible for storing digital information in a database. While it may initially seem complex to understand and even abstract, MIIM is here to explain what it’s used for, so the next time you hear the term, you’ll know what it’s all about.

What is Blockchain Technology?

Blockchain technology is increasingly being used by companies to achieve transparency and security. It’s also known as a chain of blocks because information is stored in blocks in a database. These blocks can be copied to individual computers, and when information is modified by adding or removing data, the action is the same for all computers since they are synchronized with each other.

This technology can be used for various types of documents: property titles, business ideas registration, app idea registration, loans, valuable information, etc. Thanks to blockchain, secure and real-time information sharing and storage are possible. It is a highly reliable record that is very difficult to hack, providing peace of mind to companies and users.
Importance of Blockchain Technology

Importance of Blockchain Technology

What stands out most about Blockchain is security. Each time new information is added, there is a code or signature consisting of numbers and letters. Furthermore, companies save money by eliminating intermediaries. Operations are conducted directly and interactively.
Benefits of Blockchain Technology

Benefits of Blockchain Technology

Thanks to its transparency and security, it offers the following benefits:
⦁ Transparency: Being transparent, all participants can view the information, reducing the risk of fraud and increasing trust.
⦁ Security: It is an encrypted system, meaning it’s difficult to hack. Enhanced business and Internet of Things security.
⦁ Information privacy: Data is verified and added to the blockchain through a consensus process of all participants and translated into a series of numbers and letters via a code.
⦁ Faster processes: Transactions are quicker.
⦁ Tracking and traceability: Since data is immutable, it’s perfect for tracking information along complex chains.
⦁ No need for intermediaries: It is not dependent on third parties, making processes more efficient and reducing data entry errors.

How Blockchain Technology Works

Every member in the network sees the same information as the others. For example, when a transaction is made from one computer, the others will see the same data and can even reject or verify it. The information is communicated to the blocks in the chain. That’s why it’s so difficult to hack with this type of technology. No computer is superior to the others, so it cannot control the data. When an attempt is made to modify the information in one block, it is changed in all blocks, meaning verification is provided by all network users.

Classification of Types of Blockchain Networks

Blockchain technology can be classified into four types:
⦁ Public Blockchain: In these, anyone can access, send transactions, and participate in the consensus process. Transactions are public, users can remain anonymous, and it’s considered permissionless technology.
⦁ Semi-private Blockchain: Operated by a company or organization, providing access to users who meet specified criteria.
⦁ Private Blockchain: Similar to semi-private, controlled by a single company, which decides who can read, submit transactions, and participate in the consensus process.
⦁ Consortium: Most commonly used in business. A preselected group (e.g., a group of companies) controls the consensus process. Regarding reading information and sending transactions, it is decided whether this right is public or restricted to participants. It is considered permissioned Blockchain and is the most recommended for the business world.

Applications of Blockchain Technology

Businesses across various industries (food, accounting, healthcare, etc.) use this technology in their operations. Some common applications include:
⦁ Supply Chain: Applications are used to track materials, allowing for origin and authenticity verification, e.g., in food supply chains.
⦁ Human Resources: HR teams can efficiently verify qualifications and experience of job candidates who have applied.
⦁ Accounting and Financial: Blockchain is used to streamline accounting processes and banking services.
⦁ Information Protection: For instance, protecting ideas.

Incorporating Blockchain technology into your business provides increased security, transparency, and trust, in addition to saving costs on third-party services.

At MIIM, we are a company dedicated to patenting and certifying your ideas. We work to protect your idea with Blockchain technology. All you have to do is visit our website and register your business idea before someone steals or plagiarizes it. This way, you can prove in front of a judge that the idea is solely yours and belongs to you. If you’re an entrepreneur and interested in our Blockchain registration service, don’t hesitate to get in touch with us. We’ll answer any questions you may have.

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About me

Fco Javier Poveda

Digital Entrepreneur from Madrid

I am FcoJavier Poveda, a digital entrepreneur and founder of Akaven, a leading company in the transformation of ideas into successful businesses. I specialize in key areas such as blockchain, big data, and advanced analytics. My corporate focus is centered around driving talent and exponential entrepreneurial initiatives to help entrepreneurs materialize their ideas and achieve business success. With over 25 years of experience in business intelligence, I am passionate about working on projects that leverage innovative technologies like blockchain and big data to revolutionize the way companies operate and make strategic decisions.

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