Blockchain de Bitcoin
OroyFinanzas.com) – In our article today, from the hand of Blockchain Toolkit, we analyze in detail the importance of the Bitcoin blockchain technology and by which the banks are afraid. The terms chain blockchain (blocks) public and private blocks chain are synonymous respectively of chains of permissionless blocks without permission (in English) and permissioned with permit (in English) and both concepts states make reference to the fact that it is more often called the chain of blockchain (blocks). At present, the financial sector wants to avoid talking about the blockchain Bitcoin and tends to be more politically correct to speak of blockchain technology.
The first string of blockchain (blocks) that has existed is the Bitcoin. And for many it is the only one. However, the reality is that, it is becoming increasingly evident that it is not and will not be the only, at least in the near future. The interest that the technology of the block chain is waking up in different areas, relevance that it really is a matter of time that the chains of blocks to invade our lives. We will have to see what direction they do and in which format, because the block chain par excellence remains the pioneer, i.e., the block chain of Bitcoins.
We already know that this is going to change everything. All our operations, and we have no pu** idea of the topic. We need to understand how it works to maintain our competitive advantage in innovation or we are going to eat.
This is a fragment of one of the various conversations you’ve had the Blockchain Toolkit team with senior officials from the departments of innovation of banks in Spain. In all the meetings with the banks of Spain had a mixture of excitement, uncertainty and fear.
What, then, is that of the blockchain that puts so nervous to the all-powerful banks?
What technology can be as complex as to become a challenge to them and, in turn, as powerful as to put upside down all their operational?
To answer these questions, we must first understand that is the blockchain or block chain.
What is the block or chain blockchain Bitcoin?
The blockchain or block chain is a distributed database and public record all transactions of bitcoins that have taken so far and that will occur in the future.
Works in a similar manner to the ledger (ledger). It should be remembered that the ledger is, broadly speaking, that in which they are registered all the inputs and outputs in terms of a company. For example, if you purchase a computer, there would be the entry on a computer and the output of the money that you have paid for that computer of the current account.
When making a transaction, devices that are part of the Bitcoin network, called nodes, grouped transactions in blocks and inspected to verify that they are legitimate.
This process is known as mined and basically consists in solving a mathematical problem very complex that later we will see how it works in detail.
Transactions are made from purses or wallets, known as wallets, which are encrypted files that operate in a manner similar to a bank account and they have two keys, a public key and a private key:
The public key is an alphanumeric string of between 26 and 35 characters, and when you on a number of specific operations we will obtain what is known as Bitcoin address, account number, in such a way that, if someone sends you bitcoins, you should give this address.-
The private key is used to authorize operations from your portfolio. This key is only in your power, and should not be disclosed to anyone. This key is created with what is known as asymmetric cryptography and is very easy to understand with this analogy: Imagine that you want to send money by mail to a friend. If metieras 500€ in an envelope that sellas only with your saliva and send it, it is very easy for any person that there is between you and the recipient can open and take the money. Imagine now that you pick up and you tell your friend, “Hey, buy a small safe and open qsos not listed here, but stay the key”. Your friend sends it, when you put the 500€ within, close it and send. Your friend will receive blocked and open it with the only key that can do it and that only has the.
This is how it works basically in the case of Bitcoin:
You create a portfolio that has a Bitcoin address (safe) and a private key (the key that can open it). Each time you make a transaction, you send a “safe” to someone who is going to fill with the amount that only you can open with “your key”.
Surely you’ve heard on occasion, the embezzlement of 400 million users who were victims of the Mt. Gox. It is worth explaining that it was precisely the fact that the portfolios that opened with them when you open an account, leaving the private key in its power, in such a way that they had access to the bitcoins that everybody had in those portfolios without your permission.
On the other hand, it is important to understand that a bitcoin is not as a file that you download and store in your purse or on your computer, but that the bitcoins as such do not exist, are “Notes on the accounts” and what is recorded are the changes of ownership of the bitcoins are received or sent from each direction, just the inputs and outputs.
It is extremely important to understand this so that it is clear that, in fact, bitcoin does not consist in the exchange of virtual currencies, but that the crux of the matter is in the “backbone” of the network, the blockchain, and that is precisely what allows the bitcoins cannot be falsified.
Think about what would happen if they were digital files, such as a song or a document. May be copied, reproduced infinitely, something that automatically would serve as money. However, if there are notes on the accounts virtually incorruptible (as we will see later) and everyone agrees that a particular amount is yours, it is, because what the blockchain is mathematically to mass.
If the network of computers that make up the network Bitcoin Bitcoin ceased to exist, would cease to exist, but it is practically impossible to happen, and it is for this reason that we are talking about the blockchain as the truly revolutionary advance. The blockchain live on each of the nodes that, in a distributed manner, form the network creating a robust system, in which, although it is an attempt to bring down the thousands of nodes that form the network except one, the system would continue to operate.