Blockchain is like a gigantic ledger that records all money transactions, but in this case, it does so using a completely secure encryption system for users who execute operations with crypto assets.
Although Blockchain was born as the coding system behind the creation of Bitcoin (BTC), the first cryptocurrency that emerged in 2009, its use can be extended.
This technology uses cryptography techniques to save each transaction.
So, in the case of digital assets, they are protected in a digital wallet, since all operations must be verified by the network.
But, also in the case of banks, they serve to verify and record each movement, directly and without the need for third parties.
So the blockchain helps you in your personal finances by offering greater control of transactionsmaking better traceability, eliminating intermediaries and reducing costs.
This technology demands a lot of energy. In Reykjavik, for example, the ‘mining’ of cryptocurrencies consumes more light than all the homes.
On the other hand, Blockchain is a decentralized technology, that is, it is not controlled by a central entity.
According to Fernanda Juppet, CEO of CryptoMarket, this allows global access to financial services.
“This is especially useful in Colombia, where not all people have access to traditional banks and this prevents them from managing their money or being able to buy cryptocurrencies, transfer remittances, make digital purchases, etc.,” he points out.
This means that users can quickly review any movement, providing greater internal control.
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