Connect with us

How To

What is Blockchain? the financial sector revolution

The Blockchain technology breaks into the financial market with great force and transforms the traditional pillars of our society. It influences the functioning of the economy and business, outlining new models and structures for the financial industry.

And it is that according to the report published by GP Bullhound this 2018, it states that  blockchain technology companies achieved a total of 3,334 million euros through ICOS in 2017 , five times more than what was achieved with venture capital funds, and 47 times more than the 80 million captured the previous year through this technology.

Index of contents:

  • What is Blockchain?
  • How does the Blockchain work?
  • Banks are betting on Blockchain technology
  • The Blockchain reaches SMEs
  • How to specialize in Blockchain?

Blockchain is the technology that Bitcoin develops and allows to eliminate intermediaries and store transactions safely. For this reason, large companies and banks (and some startups as well) are already exploring its possibilities. Do you want to know what this innovative technology consists of?

Index of contents

Advertisement
  • What is Blockchain?
  • How does the Blockchain work?
  • Banks are betting on Blockchain technology
  • The Blockchain reaches SMEs
  • Do you want to specialize in Blockchain?

What is Blockchain?

The Blockchain is a technology based on a decentralized and public blockchain of operations. This technology generates a shared database to which its participants have access, which can track each transaction they have made. The programmable and open nature of this technology allows innovating the financial sector and administrative processes to make them more efficient and transparent. In addition, the bureaucracy is reduced. The Blockchain is the technology that developed the Bitcoin , the virtual and intangible cryptocurrency that is sustained by the protocol and the P2P network.

Do you want to know everything about Blockchain and Fintech? So do n’t miss this interesting webinar!

To make it easier, we can compare Blockchain technology with a large ledger in which all transactions are recorded, with the addition that the data cannot be manipulated and, in addition, they are verifiable.

The main advantages of this new technology is that transactions can be stored safely and verified without the need for third parties (intermediaries).

Another reason for being is to reduce fraud in operations. All participants have access to transactions and a consensus of all is needed to modify them. This builds trust in business , something that until now has been difficult to achieve online. In addition, as it is a public operations blockchain, the security of transactions is protected since all people have access to a single source of shared trust.

One of the facilities that Blockchain provides is to be able to carry out an economic transaction from Spain to any country in a time of between five and ten minutes. But it can also be applied, for example, to finance “stock” movements or sign smart contracts.

Advertisement

In short, with Blockchain, processes are streamlined and cheaper, transactions are more transparent and intermediaries are eliminated.

How does the Blockchain work?

The blockchain is a record of all transactions, stored and shared publicly. The so-called miners are in charge of verifying these transactions. After that, they are included in the chain and distributed to the nodes that make up the network.

Let’s see what each of these elements consists of:

1 #  Blocks. A block is made up of a set of transactions. Each one is part of the blockchain. The Bit2me company , specialized in Bitcoin and its technology, defines each of the parts that make up a block:  

  • An alphanumeric code that links to the previous block.
  • The “package” of transactions it includes (the number of which is determined by different factors).
  • Another alphanumeric code that will link to the next block.

The next block in progress is trying to find out with calculations the alphanumeric code that allowed the previous block to link to it.

2 #  Miners. Miners are computers / chips that are in charge of verifying all transactions. When someone completes a block or makes a transaction, they receive a reward in the form of Bitcoins.

Advertisement

3 #  Nodes. A node is a computer / chip that is connected to the Bitcoin network. It is dedicated to storing and distributing an updated copy of the blockchain. Therefore, each new block that is committed is added to the blockchain and to the copy that each node stores.

Banks are betting on Blockchain technology

This technology is already being applied in many sectors, but it is currently being exploited by the banks. Several studies at the time assured that 15% of banks and 14% of financial institutions contemplate introducing Blockchain solutions and technologies in 2017.  And it is expected that in 2020, 20% of global companies will integrate this technology . In reality, what banks are seeking is to implement technologies to eliminate intermediaries and distrust in transactions.

BBVA, Bankinter or Banco Santander are some of the large banks that have detected an important source of investment in Blockchain technology. They are starting to install this system in their transactions, with the aim of improving process security and eliminating the costs of traditional transactions.

The Blockchain reaches SMEs

Small and medium-sized companies represent about 75% of the total number of companies that make up the Spanish economy, according to data from the ePyme Report 2015: sector analysis of the implementation of ICT in Spanish companies . This data shows that SMEs are a fundamental pillar of the financial industry in our country, so that all the technological innovations they develop will have a key impact on the current economic model.

The Thermometer report of the middle market in Spain reveals that 85% of entrepreneurs say that the turnover of their companies will increase and only 2% believe that sales will fall. This happens, among other factors, because SMEs have detected the need to go through a process of digital transformation and, therefore, to investigate ways to open new business models adapted to the digital age.

Advertisement

Some startups are leading the introduction of Blockchain technology. They use it as a method to decentralize and allow users to control their own movements, without the need for the intervention of third parties.

For example, Storj is a startup that has developed a beta version of a service that allows creating a decentralized database , using Blockchain technology, to increase security. To understand it, it would be like cloud storage services, such as Dropbox or Google Drive, but, unlike them, in this case there is no single provider that is responsible for the data that is stored.

Another of the possibilities offered by Blockchain is the creation of Smart Contracts . It consists of automating the processes of a business (payments, suppliers, supply…) through a virtual machine that stores and manages the information. The machine becomes the person who talks to vendors and makes payments. The Spanish startup Clluc creates platforms for companies to have access to these Smart Contracts .

Do you want to specialize in Blockchain?

As we can see, the development of Blockchain technology is still in an embryonic phase. But more and more companies detect its potential and the opportunity to welcome new business models, in a new financial environment.

Do you want to specialize in Blockchain? Get it with our Master in Blockchain and Fintech , and from the hand of experts such as Javier Martín , Director of Open Innovation at Sngular, Alejandro Guasch , Project Manager at SEAT, among many others, who will give you the necessary keys to understand how it works new technology and how to apply it within a company. 

Advertisement

We will see if this technology will have the power to change our relationship with the digital and financial world. Did you know this technology? If you are interested in Blockchain technology, do not hesitate to comment and leave us your opinion. 

Master in Blockchain and Fintech

Learn the basics of these new payment and financing methods, to apply them within any business

I want to find out!

Leave your vote

Continue Reading
Advertisement
Click to comment

Leave a Reply

Il tuo indirizzo email non sarà pubblicato.

Crypto

How to Create Account in EXMO step by step

In this article you will learn how to register in EXMO in 2022, as you well know it is a cryptocurrency platform to trade, as well as buy and sell digital currencies. Next, we are going to make you a quick and easy guide to create your account.

How to open an account in Exmo.com step by step

Access the official website of EXMO to be able to register for free.

Select “Registration”

At the top right you will have a Registration button, click on it and there you will open a form to place basic data such as username, email, telephone, password and its confirmation, as well as the acceptance of terms and conditions of the platform.

Likewise, if you want you can subscribe to receive news you just have to activate the option. then activate the captcha and click on “Registration”

Phone and email verification

They will send you an SMS to the registered phone to place the verification code and give it confirmation. The same will happen with the email, in which they will send you an email with a link to confirm the account and activate it.

Advertisement

Account Verification

Once you have completed all the registration, you must verify your account, this is quite important that you do it so that you do not have limitations, it is a financial platform and as such, by regulation you must verify your identity and address.

  • For identity, you can do it through your ID, passport or other identity document, also a selfie with the document, you can support yourself by linking the mobile if you do not have a webcam.
  • In the case of the address, it would be verified with a bill for services such as electricity, water or other document where they can verify your location or residence, this is to raise the limits further.
  • For the card, you need to enter your card details and even take a photo and attach it.

Ideally, you should verify everything, but the first thing is the identity, in which you will be required name, surname, middle name in the case you have. Secondly, you will be asked to identify what type of document you are going to use to identify yourself, for example, the DNI.

After that, you must upload a photo of the front and back of the identity document, if you do not have them at hand, you can do it with your mobile and send it to you by mail or web whapsapp or another application, and then upload it from the computer.

Once this is done, it will request a selfie with specific details, where you must write down on a paper the word EXMO, followed by the date of the day of the photo and hold the DNI without covering anything, there you capture the photo and attach it, with these steps you will already be in the process of verifying the identity.

Likewise, you can do it to verify the address with a receipt and in the case of the card you must do the same, they are similar processes quite simple, the idea is that you complete the entire registration process.

Configuration

Another important point regarding registration is the security configuration in which you can add extra protection and have two-step authentication. Likewise, you can observe other options such as personal information, which you can review carefully.

Advertisement

Leave your vote

Continue Reading

Crypto

How to create an account on Poloniex step by step

In this article you will learn how to register with Poloniex in 2022, it is a cryptocurrency trading platform, where you can trade with margin or leverage and you can also do hodl. Here’s a step-by-step way to create an account on Poloniex.

Go to the official website of Poloniex

Access the Poloniex registration page to later follow the step by step that we will give you to register for free.

Select “Sing Up”

Once you are on the platform you must select in the left menu “Sing Up”, where you must enter the email and password, the latter you must confirm it. Additionally, you must place the referral code (optional), as well as accept the terms and policies that govern this page.

Verify your email

Once the previous form has been completed, you must check the email where a link will be sent for the purposes of verifying the email, in order to continue with the account registration process.

Account access

With the email and password data entered, we select “Log In” and access. Among the important things that there are is the “profile”, where you will have to verify your account.

Advertisement

If you want to apply margin for trading or leverage you must verify your profile in “Upgrade” you will be able to select other aspects that will help you verify your identity, you will probably be asked to upload a file, such as a photo of the DNI or an invoice to verify the address.

Then, in the event that you want to use the future option that allows margin up to one hundred leverage, you have to have verified these things.

This request is totally normal, since it is required by all financial platforms by legal issue, with this you would already have verified level 2 and with it you would not have any type of limit.

Right now, you could make all kinds of deposits, normal purchases with certain fairly high limits.

Two-factor authentication verification

To protect your account you can activate 2FA this is double authentication code, so you must enter a code apart from the password to be able to log in.

Advertisement

Leave your vote

Continue Reading

Crypto

How to Invest in Cryptocurrencies on Skrill

If you are one of those investors who do not like to deal with many complicated orders, but prefer to hold long-term, then Skrill is an excellent alternative for you. With the simplicity that characterizes it.

But the question is, how to invest in cryptocurrencies within Skrill? The answer will be shown in this article.

But first log in to your Skrill account, then you could already start the step by step that will be shown below.

Access Skrill’s Cryptocurrency Investment Options

Like any financial platform, Skrill puts at your disposal tools so that you can invest in cryptocurrencies within yourself, doing so in a simple and comfortable way. To access these tools, below, we will describe the following procedure:

  1. Within the home screen of your account, in the left sidebar, find and tap on Cryptocurrencies.

Important: It is likely that when you enter this section, you will be asked to accept some terms or similar.

Advertisement
  1. Once there, you are presented with different options in terms of cryptocurrencies. From among these, you will select Invest now, clicking on this option.

  1. Once you access that section, you will be shown an extensive list of existing cryptos in Skrill. In each of which, you are given a Trade option. If you click on any of these, you would enter their trading options.

  1. When you have entered the crypto you chose, you will see a Buy – Sell panel.

Ways to trade cryptocurrencies in Skrill.com

In this buy-sell panel or trading box, you will have some options that will allow you to perform these operations:

Steps to buy cryptocurrencies within Skrill

First of all, talking about the purchase of cryptocurrencies in the Instant mode (which is the usual one), you will be able to do the following:

  • Select the currency in which you want to buy cryptos.

  • Set the amount to spend that, for its purposes, must be a minimum of 10 EUR (You are also shown the balance you have available).

  • Select the cryptocurrency in which you are going to invest.

  • See what you are going to receive in cryptos in equivalence for what you have invested.

  • See the commission you will be charged for that transaction.

When you have everything ready, then you can click Next.

After this, you will be able to see the summary of the entire operation; you will be told everything you have added, such as the amount and what you would receive, and also the commission charge, which will be added to the total amount to be spent. If you agree with everything, you can click on Confirm.

Steps to Sell Cryptocurrencies within Skrill

There is not much to comment on in the case of selling your cryptos within Skrill, as they are basically the same steps as in the case of the purchase:

Advertisement
  • You establish the type of crypto that you are going to sell (and that logically, you should own).

  • You indicate the amount of cryptocurrencies to sell directly or, if you prefer, using the percentage indicators.

  • Select the currency in which you want to receive the funds in equivalence.

  • See how much you will receive, in the same way as the previous case.

Having this ready too, you would click Next.

Following this, you must also click on Confirm in a summary similar to that of the case of the purchase, where you will see important data with which, if you agree, you can proceed to the respective confirmation.

Some other options that Skrill gives you to trade

The options you have in Skrill to trade are very practical and easy to use. And for your convenience, they are not numerous. Here’s what you can find on Skrill for when you want to trade on it:

The Portfolio section

In this section you have at hand some useful things for your negotiations, such as:

  • The Watchlist, with which you can keep abreast of the indices of your cryptos in the market.

  • Alerts and orders. With these options you are given the possibility to mark an index within the cryptocurrency, which, if the price reaches it, this will be notified to your email or mobile, as you have it configured.

  • Recent activity. It is the section where you will get your last financial movements, when it comes to purchases and sales, as is logical.

The Trade section

Within this section, you can do what you are told below:

Advertisement
  • Visualization of Graphs. This will allow you to take a look at the stock market movement in a not at all complex interface (you can also see the current trend that the market has in terms of sellers and buyers).

As you can see, the trading system within Skrill is not complicated. They are few and simple options, but with the same utility for people like you who do not want to get too entangled in the stock market issue, but to play it safe, but in a simple way.

This tutorial summarizes it this way so that you have a general idea when investing in cryptocurrencies within Skrill.

Leave your vote

Continue Reading

Trending

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.