BlockChain – Los Highlights:
- Blockchain is a specific type of database.
- It’s different from a typical database because of the way it stores information. Blockchains store data in blocks that are then chained together.
- As new data comes in, it is entered into a new block. Once the block is filled with data, it is chained onto the previous block, making the data chained together in chronological order.
- Different types of information can be stored on a blockchain, but the most common use has been as a ledger for transactions.
- In Bitcoin’s case, Blockchain is used in a decentralized way so that no single person or group has control—instead, all users collectively retain control.
- Decentralized blockchains are unchangeable, which means that the data entered is irreversible. For Bitcoin, this means that transactions are permanently recorded and viewable to anyone.
What is BlockChain?
Blockchain seems complicado, and it can be, but its core concept is sencillo. A blockchain is essentially a type of database (software database).
Why Understand Blockchain?
Blockchain is at its somewhat early stages in being released to the masses but is not new. However, Tech leaders are boldly stating that Blockchain today is similar to the internet in the late ’90s.
The goal of Blockchain is to allow digital information to be recorded and distributed but not edited. Blockchain technology was first outlined in 1991 by Stuart Haber and W. Scott Stornetta, two researchers who wanted to implement a system where document timestamps could not be tampered with.
Blockchain y Él Bitcoin:
Although Blockchain was created 20 years before Bitcoin. It really became a topic in the early ’00s, with the launch of Bitcoin in January 2009. This was when Blockchain had its first real-world application.
The Bitcoin protocol is built on a blockchain. In a research paper introducing the digital currency, Bitcoin’s pseudonymous creator, Satoshi Nakamoto, referred to it as “a new electronic cash system that’s fully peer-to-peer, with no trusted third party.”
The key thing to understand here is that Bitcoin merely uses Blockchain as a means to transparently record a ledger of payments, but Blockchain can, in theory, be used to immutably record any number of data points. This could be in the form of transactions, votes in an election, product inventories, state identifications, deeds to homes, and much more.
Blockchain and Latinx Community:
Blockchain has the power to change the world. The ability to connect the world. The power to make the world more equitable and more open. It can foster greater financial inclusion, unlock economic participation and democratize financial services in an unprecedented way.
Using Blockchain to create a more accessible and available financial system, we can empower people, especially those left out or underserved by today’s infrastructure. Most importantly, it can also change the conversation and provide enormous opportunities for Latin American countries that have not been as successful in the current financial game.