Digital transformation: what is the role of blockchain in business and economy?

Anyone who has heard of cryptocurrencies has heard of blockchain. By dispensing the intermediation of regulatory entities, blockchain is the target of the curious and enthusiasts of technology applied to the financial sector. However, blockchain is versatile, and its integration into business applications presents high development potential.

In a kind of public library, when creating a virtual block of information, the link that will connect it to the next block is called a hash. The newly added block will contain additional data from the previous ones, forming a chain. If a change is suspected in some data, you can trace the change. This means you have a protocol you can trust and it ensures data transparency and integrity. One of Connecting Software's solutions, CB Blockchain Seal, applies blockchain to business applications and software (even legacy ones), allowing for document sealing and proving that no one manipulated the document.

The development of blockchain technology poses a considerable economic impact. Portugal has established itself as a hub in the IT sector and has trained qualified professionals. Investing in blockchain will attract professionals and companies that will expand economic development. In the public sector, it can mitigate corruption and reduce public sector costs. It is an opportunity to make Portugal the driving force of world-class innovation. As it is recent, there is still much to be developed so everyone can use this technology. However, relevant progress is expected in several sectors, such as health, manufacturing, and scientific research.