Andrés Postigo is project manager at Aurum Consultoría y Mercado and from Peru has highlighted the potential of blockchain technology and its benefits, released on May 20th in Markets Regions.
According to Postigo There are many options for blockchain technology, for example for sectors such as finance, e-commerce, the energy market and public management.
One of the outstanding properties of blockchain technology is that there is no central node or computer.. He also noted: “All computers (nodes) on the network store the same information, and each time a transaction is performed, one of the nodes checks it, saves it, and the database is updated in the other nodes”.
On the other hand, he explained that a database of this type that is to be changed by a hacker must be changed in more than 50% of the nodes. “If it doesn’t, the rest of the majority of the nodes will reject the change,” he said.
He also spoke about other peculiarities. For example, he explained that thanks to this type of technology Money transactions can be carried out without banking, as cryptocurrencies prove.
However, he also mentioned other possible situations:
- If public records worked on blockchain, property conflicts would end
- The medical records could be distributed in all hospitals and accessed in an emergency with the patient’s approval.
- A blockchain-based voting system would prevent fraudulent processes.
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