Tue. Oct 27th, 2020

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Virtual currencies Blockchain and developing countries

Blockchain and developing countries

One of the main barriers found by Bitcoin and Block chain in the developed world is precisely that the economic agents whose sectors most revolutionize are those who feel that their business model may be more threatened. Therefore, the speeds of adoption in the first world countries may be slowed as is already happening at least until affected players know how to take advantage of the new ball rolling on the field.

Blockchain and developing countries

This complicated casuistry of stakes often does not exist in developing countries, since, in most cases, Bitcoin and Block chain allow developing and offering services and possibilities to formerly non-existent user bases and that many times they did not even have access to the most basic financial services. There the problems are different, which does not mean that when these services start beyond the Mediterranean. They end up becoming players, not only relevant at the national or continental level. They can aspire to challenge in their own home.

With Block chain, everyone on the web can see information about the blocks of information that constitute the essence of Block chain, although they cannot be accessed without permission. All these nodes (ledgers), which are part of the Bitcoin community, must approve each transaction. In order to do so, they have a table with their own copy distributed among all of them. In this table only, new records can be inserted (never delete previous ones). In it every new Bitcoin generated or every transaction made with any existing Bitcoin, is registered, previous validation by the rest of the nodes. This for the rest of the nodes some will seem to bring unnecessary complexity to the model,

Although there is a certain added complexity inherent to the use of an extensive net of ledgers of many nodes, the fact is that the simplicity with which Block chain has been designed, strictly restricting itself to the problem that it tried to solve, has brought a simple solution for how complex the problem was. The most fascinating of Block chain is not only that. So much so that it can have and will have endless applications and use cases far beyond Bitcoin and virtual currencies.

What at first sight may seem the mysterious Satoshi Nakamoto solved another disadvantage of Bitcoin the security of a network that performs financial transactions in which anyone can be a node, in a great way? Since the Internet was born a server has not seen a single approach to computer security worthy of my confidence less for financial transactions. Indeed, any computer system is vulnerable almost by definition, since it is practically impossible to have patches all the security holes of any computer equipment. In addition, even assuming as possible the impossible of the subject and taking a team by insurance then the vulnerable can be in the user in charge of the team.