Blockchain technology simplifies information exchange and makes it much more secure and reliable.
What Is Blockchain?
Blockchain technology is a method to record, structure, and link data, forming chains that are distributed among various servers. The hierarchy blockchain creates makes it very difficult to manipulate the data, meaning it is a reliable and safe way to save information. It is, in short, a secure way to record data.
Blockchain was first used by the famous Bitcoin in 2009, but it has since been used in all types of technology and innovation sectors. It is also making its way into banking, industry, health, smart contracts and logistics, among other sectors. It is also being used in vertical (accounting, HR) and horizontal platforms (between companies).
Advantages of Blockchain
One of this technology’s strengths is information decentralization, or distributed storage. The same information is stored in different nodes or record books, making malicious alteration virtually impossible. If one is altered, the rest detect the alteration and correct the error.
This feature permits us to form an alliance with other companies such as Repsol, Sabadell, Cepsa, Grupo Red Eléctrica and Mapfre, and design a blockchain platform that allows for the distributed creation and validation of providers’ digital identity. This tool increases security, as each agent is linked to a verifiable digital identity. It also reduces costs.
Another key aspect in blockchain is that bureaucratic tasks are reduced, as the network itself does the verifying. In the construction sector, the constant review of safety and health standards requires large technical departments to verify that workers have completed the required courses and have the permits and skills they need. Blockchain simplifies this process.
Having a blockchain that can be accessed by various agents also keeps frequent suppliers from having to repeat the same approval process various times. This technology eliminates bureaucratic barriers for companies and also minimizes errors such as, for example, unnecessary trips because one of a technician’s documents was not validated.