What is the Blockchain?

In the era of Big Data and the massification of data, is there a data protection solution? Since 2008 the blockchain wants to keep a promise: that of trust without intermediary. It becomes and remains an alternative to the problems related to Big Data. The issue of data security is the nerve center of this massification of data. The blockchain 2.0 created in 2014 could help reduce skepticism towards Big Data. Therefore a question arises for us. Will the future solution for data processing go through the blockchain? Blockchain: definition Blockchain El Salvador Email List France defines this concept as follows. Blockchain is a technology for storing and transmitting information, transparent, secure and operating without a central control body.

Its main objective is to restore confidence in the transmission of data and trade. It was created in 2008 following the subprime crisis . This crisis saw a distrust of traditional financial institutions. Indeed, this crisis led to a massive rejection of these institutions which made bad investments and created an unprecedented financial bubble. The purpose of the blockchain is to eliminate the intermediaries between two financial exchanges. In addition, its mode of operation means that all actions leave indelible traces. It should be added that the blockchain ensures what we have and simplifies financial transactions. However, this model does not work with “classic” money but with virtual currency or Tokens (tokens).

The blockchain has therefore generated different virtual currencies

Including the famous Bitcoin. These virtual currencies from the blockchain (see table below) also have the same objective. That of replacing the trusted third party lost in past transactions On the contrary, of the current banking system, there is in this concept a collaborative approach. Indeed, the validation of transactions is done through a collaborative process called mining. That is to say, the verification of the resources necessary to move to a final transaction. Definition of blockchain? How the blockchain works as the name suggests by block. These different blocks bring together information on exchanges between two people or entities.

This information contains all the exchanges that there may have been, which makes them transparent since they cannot be modified. Once this information has been processed, ultra-powerful servers validate or not the transaction. Blockchain France illustrates what blockchain is through an illustration. Blockchain definition We can see through this illustration that the network is cryptographed. This demonstrates the security aspects that this solution wishes to put in place. In addition, as it is a collaborative system, each user has access to these data blocks. So, apart from the transactional aspect of funds, what differentiates it from Big Data? The blockchain can encrypt data and therefore render big data inoperable. Big Data in this case cannot use the blockchain to feed itself. Only public data can be processed.

The latter feeds only on information that can be given to it

This is where the blockchain already knows its limits. What to do if fraudulent transactions appear? What if malicious groups are exchanging information? The debate today is of course the monetary question as well as information. Blockchain for whom? Why ? Even if the blockchain was created for monetary exchanges, it does not only have this vocation. There is a desire to exchange and transmit data in more secure ways. Indeed, this solution can bring to a very large number of companies. This can serve many areas of activity such as luxury or real estate. It will also be used for important documents such as cadastres or even a vote for an election. It could also be used for lead generation since the data collected will allow more transparent exchanges and transactions between the two parties. Therefore questions arise. That of the case law around this approach.

We can see it today the public authorities respond to changes in our society. The RGPD (General Data Protection Regulation) is the perfect example. Does this system also have a chance to survive while the return to human exchange is more and more present? That customer experience and customer relations are at the heart of business strategies? The blockchain, although at the heart of the news, still remains on many very unclear points. It is still difficult to draw conclusions about this concept. We just have to wait and follow all this very closely. If you liked this article, see our dedicated customer experience page or read our article on Smart Data . Do you want to be supported in your improvement process to increase your leads ? We invite you to contact our teams for more information

Leave a Reply

Your email address will not be published.