The theory behind the practice

On July 16, 2018, Felipe Vera posted a short but important paper, in which he showed how Blockchain would make the leap from the financial world to the rest of the world.  My translation of two key paragraphs follows:

Value transfer is already a reality and has its intrinsic foundations in the first and most well-known cryptocurrency called Bitcoin.  This technology was conceived in the year 2009 as a protocol that made peer to peer information transfer possible in a secure, immutable and distributed manner that has its basis in what is known as Blockchain or “cadena de bloques” in the Spanish language.  Blockchain technology allows for an instant and secure transfer of all value types including registrations, contracts, goods, shares, patents, certificates and also, all kinds of processes, environments or activities that might be “tokenable.”  Examples of these are product traceability and origin, document processes and governance in the most diverse contexts.

Although Bitcoin is one of the most well-known Blockchain applications, this technology has the potential to be applied to multiple industries and sectors, not only for capturing and generating knowledge but also allowing for information to be administered in a distributed and decentralized manner, without the need for any centralized authority.  If we take the information generation sector, Blockchain would allow for the administration of all kinds of registrations and/or legal documents, without control or monetization from any state, person or business.  This includes domain titles, medical charts, academic certifications and votes in elections, among others.



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