‘Blockchain’, beyond cryptocurrencies

The term blockchain has always been associated with the relationship with ‘bitcoin’ but this blockchain has more purposes that go far beyond cryptocurrencies and can be part of the financial and even healthcare system.

Blockchain (or blockchain) is one of the most influential technologies in today’s market and one of the key elements for the Bitcoin digital currency. It is a distributed, encrypted and extremely secure registry, but at the same time it is transparent and easily accessible to all members of the chain.

Although we have always related it to the world of cryptocurrencies, the blockchain has many more uses. In other words, any area of ​​activity that needs to register data in a secure and transparent way internally there will be the blockchain.

For this reason, many companies, including Telefónica, are committed to using a technology based on the blockchain. There are already known cases that have used this system in advertising, for the fight for climate change or the creation of autonomous cars.

Save private files

Thanks to technology, we can digitize our documents such as contracts. One of the problems when signing a digital contract is that we run the risk of fraud or scam. For that reason, companies want to include the blockchain; since this information that is stored in the company’s database cannot be manipulated.

It would also serve to protect our personal documents, since the blockchain is able to keep sensitive information securely.

Health Safety

This system can also help in the field of health, thus solving the cost and time savings in the healthcare industry.

Due to the difficulty of hacking the encrypted blockchain system, it will allow any patient medical record to have more privacy. Accessing this type of files without access and without being part of a health institution will be an impossible idea.

But not only will it protect patients’ private documents, but it would help prevent and fight infectious diseases. An example: when a disease spreads, the blockchain will have the ability to find the origin and determine which elements are affected by that infection.

Taxes and logistics

Many of you will be tired of submitting the income statement every year. If I tell you that the blockchain can do it for you? The method is very simple, thanks to its system it will allow to automate all fiscal tasks. With the blockchain, the Treasury would have access to our financial data and thus avoid crimes such as tax fraud or tax evasion.

This tool can also help companies. For example, there are already companies that carry the blockchain in their devices to help with logistics such as monitoring supplies or guaranteeing the safety of their products.

Telefónica and blockchain

Telefónica is committed to the use of this new tool that makes its way through all the companies in Spain and the world.

For this reason, the Telefónica Technological Institute has created the initiative of higher courses on blockchain to form this technology that creates new business models every day.

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