Blockchain, Impact And Applications Within The Financial Field

Blockchain, impact and applications within the financial field

Summary

The end of this document consists in investigating and knowing thorough.

With population growth it has been observed how technology has centralized them and has achieved incredible advance so we can understand the behavior of blockchain and its great impact on society making both personal content and businessesof each user are safe avoiding the vulnerability of said data through threats that appear today on the network.

Keywords: Blockchain, Threats on the network, monetary scope, financial security, market, business.

Introduction

Here we try to explain the impacts that Blockchain would cause within the markets and in turn the influence of artificial intelligence in the various digital commercial activities.

The fusion of artificial intelligence with Blockchain can help little or much in a process that contemplates a financial situation because one provides the capacities of achieving and maintaining a business and on the other hand to thoroughly transform and examine the information of said process.

With the footprint left by Blockchain, it could be observed as part of the population of insufficient resources with little access to financial situations would be able to relate.

Today due to the speed with which technology progresses, it has been decided to establish a computer program that is reliable and discarded all kinds of threats and viruses that may affect important personal information or business bus.

As a main objective study blockchain is to analyze its operation, as well as its advantages and disadvantages towards the population, analyze their behavior even more in databases whether public or private and the consequences that would occur in the same.

To investigate blockchain we are responsible for looking. This document writes information that complements what is investigated according to the aforementioned sources.

Theoretical framework

Blockchain history

“Blockchain can be public or private databases. If we had a public registry, we would have a public blockchain. If we are a private entity, we can choose to encrypt the database ”(Matthew Carpenter-Arévalo, 2016).

In recent times, no other system is more sure than Blockchain, an example of this is the appearance of bitcoins by the public sector.

The appearance of blockchain is considered important because, with this, technology and the Internet have grown, today it is widely used due to a huge amount of beneficiaries, in order to create goods and applications for the community.

"In a matter of the Internet, the massive use of El Email was promoted, while what is expanding the use of blockchain is the application known as Bitcoin, a cryptocurrency that appeared in 2009 and is based on the so -called block chain"(Fundación Telefónica, 2017)

Bitcoins are characterized by being a form of financial transformation which is not protected by any private entity or bank and whose rules or compliance is protected according to the manipulation of the currency by the user. In addition, it can be found that the amount of information or data is not housed in any type of server is rather stored on the network used by the user. This information is saved as blockchain in order to prevent intruders from using the data for malicious purposes that endanger the user.

“In January 2017, the price of a Bitcoin first exceeded 1.000 euros and the monetary base was around 16.000 million euros. Bitcoin is just an example of something that uses blockchain ”(Fundación Telefónica, 2017)

With the implementation of bitcoins in the market through technological applications and mobile devices, Blockchain service can be more efficiently handled.

The Telefónica Foundation mentions that:

Blockchain promises to eliminate certain intermediaries regarding the relations between people who use the network and reinforce their power, removing the entities and institutions that have exercised it in a traditional way. With the appearance of the first Internet, the appearance of social networks intensified in the year of 2009, modify the role that the different media play etc. The block chain or called blockchain seems to create great evolutions related to the operation that existing social networks perform:

•  Marketed database: All users have access directly and in which no part controls the embedded data or the information exchanged.
•  Equal communication: The parts of a network communicate directly to each other without going through a central nodule.
•  Anonymous transparency: each transaction is visible for any access to the system. All users have an at least 30 characters address.
•  Irreversibility: once a transaction enters a database where the accounts are updated, the records cannot be modified by what are chained. (Fundación Telefónica, 2017)

The intervention of artificial intelligence is responsible for analyzing the most complex part of the system and blockchain in generating confidence to the user when using it. It has been understood that cryptocurrencies are values that can be distributed digitally and in real time.

“Bitcoins have the types of balance unit, exchange and usability unit;But it does not refer to legal use in any country ”(The Financial Action Task Force, 2015)

Bitcoin

•  Use public preference system
•  Is created for any type of user or company.
•  It is considered as a decentralized medium.

Bitcoin Cash

•  Open software application.
•  Exchange electronically.

Blockchain application

The use of blockchain is important in the business field in such a way that it is in most services that the world offers to society. For example:

• Block diagram is used when acquiring insurance either for your own benefit or property.
• Within the business field, Blockchain is involved in traves of trading which is considered as a financial system that allows to exchange money in real time, is much faster and is growing according to the financial movement.
• Another clear example is when we acquire a bank account in which we make transactions or voluntary retreats daily.

In most examples there is blockchain intervention since it is a certain database created safely to safeguard the information makes the user trust that base and continue with their daily activities.

Discussion

In the technological field the appearance of the block chain or called blockchain has transformed users as a whole, taking into account the information security of the information delivered by the people who use said tool. Blockchain is identified by being a record that stores information permanently and users are responsible for accepting policies if any obligation. With the management of Bitcoins the user is responsible for handling money through a record that controls the system related to finance.

Conclusions

Blockchain is in charge of save information safely, decreasing costs and generating answers in real time. What was considered unknown initial now is considered important whatever the scope and/or sector so that each user can enjoy an efficient and increasingly safer service.

The user has to be willing to protect everything important from personal data to their businesses and in this lookingof the user.

Learning to take care of our information and handle our businesses with total discretion can prevent subsequent damage from either loss in the bag or robberies through the network, that is why Blockchain uses to improve their platform to improve their platformwhich in a few years can be extended to any global financial entity and in any field became an essential instrument for those who use it.

Future work

The use and application of blockchain in one time can become a multithale system that encrypts any amount of information in reduced costs and more easily. Blockchain can be applied, for example, in the various types of visas in which customer data alteration can be avoided since it is a great importance for travel either national or international.

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