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' Blockchain ' seduces large companies

Banks, Telecos, insurance companies and other sectors investigate the possibilities of a technology that was born associated with the Bitcoin

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' Blockchain ' seduces large companies

How could a law firm establish an automatic system to resolve conflicts in online transactions? And what should a city council do to ensure that citizens can participate in public surveys and check in real time that Your vote has been correctly computed? And a large telecommunications company to denounce false news on net? This weekend, 28 people distributed in seven groups have tried to solve se and or challenges in building of Telefónica in Gran via Madrid. And all of se questions have one answer: Blockchain, technology also known as block chaining.

"Blockchain is essential for future of banking and or sectors", according to BBVA

Blockchain is tool that was born in 2008 linked to Bitcoin, but it is much more than that. Apart from potential of this digital currency — which has just exceeded price of $9,000, adding fire to debate about a possible criptodivisas bubble —, more and more companies are interested in chaining of blocks, a system that can To save processes and costs to sectors as different as insurance companies, telecommunications or public administrations.

"Blockchain is fundamental not only for future of banking, but also of many or industries." For us is a way to gain efficiency and an opportunity to generate new products for our customers, taking advantage of disruption that se technologies imply, "explains Carlos Kuchkovsky, head of technology in new digital businesses of BBVA.

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It's not just BBVA. Giants of Ibex such as Santander, CaixaBank, Repsol, Gas Natural Fenosa, Iberdrola or Telefónica presented last month Alastria, first multisectoral consortium based in blockchain, involving some 70 companies. This platform is also open for smaller companies, universities and or entities to join.

But what is actually blockchain, that technology that you can hear so much about but how little is known? The system developed by Satoshi Nakamoto allowed to distribute digital information through a decentralized registry book in which it is recorded of all operations performed and that can not be modified by any participant, which ensures that Nobody's going to be able to manipulate it. What started out as a technology that served as a support to bitcoin has ended up becoming something much bigger. "Our proposals go through convergence with or technologies that are growing exponentially, which allow much cheaper processing and greater connectivity, such as artificial intelligence and Internet of things." There is a lot of distrust around blockchain, but it allows to exchange assets in a much more secure and reliable way than hirto, "explains Kuchkovsky of BBVA.

70 firms have just created first Multi-sector consortium for this system

The hackathon — a meeting of programmers ready to wind ir brains for a couple of days to look for computer solutions to problems — organized by Telefónica ranges from cybersecurity-related challenges to public participation. and to search for answers, participants should use block chaining.

"We are facing a powerful technology that serves as an accounting record." This allows, for example, to use it in supply chain-related cases. If a defective part is identified in delivery of a device, we could be traced back to chain to detect where error occurred. And no user can change a single byte of process information already done, because everything is registered in an immutable way. This is magic of blockchain, "says fairest Yaiza Rubio and Felix Hear, young Workers of ElevenPaths, Telefónica cybersecurity unit. "Everything we do here could also be done without blockchain." This is just excuse to design processes more efficiently, ' clarifies José Luis Núñez, a group engineer.

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