Blockchain is one of the technologies that has grown the most in recent years. Jon Gómez and Secundino Iglesias participate in the Digital Transformation Module of C1b3rWall Academy 2021 with a lecture on “Blockchain Networks”.
Jon is part of IBM’s digital transformation department, where he is involved in projects related to blockchain, and its functional aspects. Meanwhile, Secundino is a blockchain solutions architect at IBM and a specialist in the technical aspects of blockchain networks. The aim of his talk is to help us better understand blockchain technology and why it is growing so much.
Blockchain provides a reliable and distributed ledger in business processes. It ensures that all business participants have a ledger, can simultaneously have the data and trust it. Among the main benefits of blockchain for businesses are the following:
- Time savings: transactions are instantaneous.
- Cost reduction.
- Reduced risk of fraud and ensures that what is written is entirely truthful.
- Increased trust in processes.
- Criteria for applying blockchain technology
Types of networks
Public: anyone can participate in them, consult their ledger and download a copy, in addition to being part of the consensus process.
Private: an organization has authority over the network. Participants must agree to the rules established in the smart contracts. There are authorization restrictions regarding access to blockchain and higher privacy, since the data can only be read by the participating organizations.
Consortia: they are like private networks; the difference is that several organizations have the authority.
Hybrid: this is a mixture of public and private networks. Their certification is done in public networks.
Read the full article on News 365.
Blockchain will continue to grow, so it is essential to learn a little more about this technology. To do so, you can take the free C1b3rWall Academy course in which you will learn about this and other current topics.