The blockchain technology is one of the innovations that until now has not been able to be overcome and has completely changed the way of perceiving the understanding of the world. This technology is based on the idea of decentralization and provides a platform in which everyone can benefit in one way or another.

But what exactly does Blockchain technology consist of?

Many believe that bitcoin is the only blockchain, but that is not true.
Blockchain consists of a distributed ledger technology (DLT), this distributed accounting technology provides nodes, called users, these are within a network to perform transactions using a point-to-point connection. This simple idea completely transforms the way you do business, store data and even conduct research.

Lacking centralized authority means that there are more possibilities for innovation and problem solving, this technology can be implemented in almost any sector: banking, medicine, finance, education, others.

Why is Blockchain technology so useful?

This technology has all the characteristics that make it the spearhead of the future:

1. Generate Trust Being a network without centralized control entities can trust each other.
2. It is ecological. In the case of making transactions, this does not operate with organic money.
3. It is transparent. Each node and transaction can be traced.
4. It is safe. Transparency leads to security. By using advanced cryptographic algorithms, transactions are made more secure and transparent.
5. The transactions are faster.
6. It is more profitable. This technology provides more profitable measures, since by eliminating the intermediary the user has more options.
7. This technology offers immutability, traceability and greater efficiency.

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But how to reach a consensus without a centralized entity?

The blockchain technology uses consensus algorithms, so when a transaction is generated, it is assigned to a block. This block is then validated by extraction or use of other methods. When this validation is done, it is inserted in a blockchain major book and can not be changed, this is what is called chainchain immutability. The most popular consensus algorithms include Stake Test (PoS) and Work Test (PoW).

Cryptocurrency and Blockchain technology

As we know now it is almost impossible not to know the cryptocurrencies and as it was said in previous lines tend to confuse blockchain and cryptocurrencies, the fact is that cryptocurrencies are a by-product.

The cryptocurrency is what the blockchain technology uses in the nucleus, since they are the means through which a value can be stored, created or exchanged, they can be used to buy items, sell services and are completely decentralized. As everyone knows the first cryptocurrency was Bitcoin, and although it is one of the most valuable in the cryptographic market, there are others such as Ethereum, Steem, Litecoin, Monero, others.

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So Blockchain technology has changed the way we change our approach to solving problems, its biggest challenge is global adoption, a field that has been permeating given the economic and political situation in the world. Educating the population about its usability is one of the main objectives and for this the social networks have played a decisive role.

Although it is a promising technology, it is not free of flaws and there are many questions regarding the blockchain. These will be answered as you go exploring their complexity.