Clara Inés Peña de Carrillo from UNAB and Paulo Nicolás Carrillo Peña from UDG participated in training activities on blockchain technology.

The Blockchain Technology is revolutionizing the way to store data. Roughly, it consists of three fundamental components: a transaction, a transaction log and a system that verifies and stores the transaction by blocks. These blocks are generated through open source software that record information about when and in which sequence the transaction took place, i.e., store information of all transactions that take place chronologically. It is a public or private distributed database of with stamped and immutable data of each transaction.

This technology is the heart of the Bitcoin cryptocurrency, but today, apart from supporting cryptocurrencies, it takes advantage of its concept to allow development of applications in contexts such as: innovation in financial services (Fintech), Internet of Things (IoT), online voting, digital identification, health care, insurances, e-learning, etc. Banks are already performing research and proofs of concept with this technology because it streamlines the transactional process of safely and it avoids intermediaries by which the commissions are lower and therefore services are more attractive face to consumers.

To present significant experiences with applications using the Blockchain Technology was the aim of the “Blockchain Conference” attended by Clara and Paulo on June 9 in Hoofdoorp (Amsterdam), as part of their training activities carried out during their secondments in RES (Leuven, Belgium).

It is also important to mention that Blockchain Technology is subject of the technological innovation which is investigated through the Vircoin2SME project to support the development of complementary virtual currencies.