Blockchain
Blockchain is an open, distributed database that can record and store transactions in cryptocurrencies between two or more parties, in a secure and permanent way. There are as many blockchains as cryptos available (currently over 1000). Blockchain was created with the Bitcoin and gained popularity for several reasons. The first is: distibution. Its information are encrypted, fragmented in several bits of micro-information and stored in hundreds of thousands of servers around the world, making it very hard to hack the entire system. Transactions are peers-to-peers, no intermediaries are involved and fees drop accordingly. Information are made accessible to each user if all the nodes in the network agree to do so. Another advantage of Blockchain is its transparency: most crypto systems record all the transactions occurred between its users since the system begun. Nevertheless, the users are not identifiable and neither are the purposes of transactions, which only remain visible to the parties involved. Every transaction is converted into a block, which is a list of cryptographic keys. Blocks and transactions are verified by several miners, who solve complex algorithms using GPUs and employ a tremendous amount of energy. They are rewarded with cryptos, of course. Besides from trade, many other areas will likely be disintermediated by Blockchain technology. These include stock markets, trading platforms, logistics, voting systems, insurance contracts, notary services, health insurance, smart contracts, social media, just to name a few. On the Big Data side, Blockchain is going to be next goldmine. At the same time, encryption and distribution will ensure privacy protection for the users. In fact, traditional ‘centralized’ social media monitor the users’ preferences and behaviors and are able to sell their data to third parties, mainly for advertising. On the other hand, a distributed social media will allow users to maintain control and even to trade their own personal and commercial information. One of the most promising areas for Blockchain to breakthrough is smart contracts. These are converted into computer code, stored by the system, which also ensures automatic enforcement, payment, and dispute settlement.