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Everything you need to know about blockchain

It is impossible to talk about innovative technologies today without citing the blockchain. The resource has gained space in the national and international context, surprising even the best programmers.

Although the studies on the application of this resource are still in the testing phase, the changes achieved by the blockchain already have great notoriety.

So it is about the technology and all its potential that we will talk about in this article, where it will be possible to clarify the main doubts on the subject. Check below:


How did the blockchain come about?

Blockchain technology emerged in 2008, amid a major economic crisis caused by the housing bubble. It is worth remembering that the creation of this technology was the first step to the emergence of Bitcoin.

In short, it was the blockchain that enabled both the creation of Bitcoin and cryptocurrencies of the same type that came to appear later.

Although people are often associating the blockchain with Bitcoin, it is worth remembering that technology has grown so much that it is able to work independently, which is why it has become so important.


What is it?

Basically, the blockchain consists of a programming-based protocol capable of ensuring security in transactions involving cryptocurrencies and other financial institutions.

This is the main reason why blockchain is also popularly known as “the protocol of trust”.

Simply put, the protocol is nothing more than a virtual book capable of recording the activities within the medium to which it was intended, significantly avoiding the emergence of failures.


What is the purpose of blockchain?

Blockchain is nothing more than an efficient way to ensure security in online transactions.

Cryptocurrencies are entirely structured in the digital environment. Because they did not have physical representation, it was feared that there would be failures in the transactions, making them unviable in the matter of security.

This is blockchain technology that avoids duplication of charges and other transactions, regulating the amount of currencies available and the truthfulness of the negotiations.


How does blockchain work?

The name blockchain clearly means “chain of blocks”. Undoubtedly, this refers very much to the system of operation adopted.

Simply put, there is a lot of data that validates a transaction, such as the value, the recipient, and the sender. In the blockchain, this data is placed in blocks that bind the data, allowing later verification by the members of the network.

By not centralizing the management of the system in a hierarchical way, the system is considered extremely safe and difficult to be circumvented, which increases its potential to innovate the current methods.


Where can blockchain be used?

Contrary to what many may imagine, blockchain technology is not of specific use for cryptocurrencies. In general, the use of technology expands for various companies in the financial services genre.

A great example of this is the adherence of the protocol to several banks around the world, in order to make transactions offered faster and cheaper.

The Spanish network Santander of private banks is one of the companies that have opened for the acceptance of the resource. The tests have been running for some time.

In addition, companies in segments such as hypermarkets and health are also studying the possibility of joining the resource.


Blockchain in digital wallets

The digital wallets are mainly responsible for the storage of cryptocurrencies, which is why they are closely linked to the blockchain.

In the case of the Lunes digital wallet, this makes it possible to provide platform users with features such as ticket payment, cell phone recharging, all of this easily and quickly!


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