In our article today, with the Blockchain Toolkit, we analyze in detail the importance of Bitcoin's blockchain technology and why banks are afraid of it. The terms public blockchain and private block chain are synonymous respectively with blocks of blocks without permission (permissionless, in English) and with permission (permissioned, in English) and both concepts together make reference to what, with greater Frequency is called blockchain technology. Currently, the financial sector wants to avoid talking about the Bitcoin blockchain and it is usually more politically correct to talk about blockchain technology.
The first chain of blocks (blockchain) that has existed is that of Bitcoin. And for many it is the only one. However, the reality is that, it is increasingly evident that it is not and will not be the only one, at least in the near future. The interest that block chain technology is awakening in different areas, makes it relevant that it really is a matter of time before the chains of blocks invade our life. It will be necessary to see in what direction they do it and in what format because, at the moment, the block chain par excellence remains the pioneer, that is, the chain of Bitcoin blocks.
We already know that this is going to change everything. All our operations, from beginning to end and we have no idea of the subject. We need to understand how it works to maintain our competitive advantage in innovation or they will eat us.
This is a fragment of one of the various conversations that the Blockchain Toolkit team has had with senior positions in the innovation departments of banks in Spain. In all the meetings with banks in Spain there was a mixture of excitement, uncertainty ... and fear.
What then is that of the blockchain that makes the almighty banks so nervous?
What technology can be so complex that it becomes a challenge for them and, in turn, so powerful that they can turn their operations upside down?
To answer these questions we must first understand what the blockchain or blockchain is.