Leonardo Gomez Mariaca - 2022-06-13
In the last article, we discussed the crucial principle of decentralization on which the functioning of all crypto currencies is based. Here, we will go deeper into the subject around the concept of the blockchain, and in order to do so, we will have to talk about bitcoin. As we saw earlier, the security on which the whole principle of decentralization relies is to make the transaction information public, so that everyone can verify daily that the currency he or she receives is indeed real. In the example we used in the last article, we talked about a large whiteboard on which the transaction should be written down for everyone to see. If we transfer this board to the digital world, we discover the blockchain. Each bitcoin is traced, followed from owner to owner, and it is this information that is kept public to avoid counterfeiting. Of course, the owners are anonymized behind account numbers, but they are still identifiable. To draw a parallel to understand the revolution in the financial system that this implies, let us imagine that the banks published all their transactions on the Internet. Nowadays, this would be an impossible violation of banking secrecy.