How Blockchain can benefit our region

Blockchain is a term that has only recently become known. In the last few years, this concept has gone viral and has come to stay. It is already established in a number of fields.

In the banking sector, for example, Blockchain makes it possible to transfer data and capital in a completely secure manner thanks to sophisticated encryption and encoding. Its purpose is to ensure transactions of any type, such as sending money through bizum, can be made securely, directly and transparently.

This technology consists of a set of interrelated databases in different locations, so that a person from anywhere can access the data of the entire network as if they were in a single database on his or her computer. All the data blocks are protected and linked to one another, allowing for the participation of certain users (each one associated to a block). Thus, the transaction is not verified by a third party, but by the network of nodes (computers connected to the network), which also authorises any updates to the Blockchain by consensus.

In the region of Castilla y León projects involving blockchain technology are already under way, among them, the CHAINWINES project. This is an individual R&D project in which a blockchain platform will be developed and implemented to allow for the traceability of wine from the vineyard to the final point of sale. In this way, they will receive information from multiple sources on all stages of production and distribution, which will allow producers to ensure greater transparency in the processes and the quality of the raw material, in this case the grape.

Blockchain, like other disruptive technologies, can be applied to virtually any sector, such as food. Rural areas can help guarantee food security, biodiversity and natural resources. And with this disruptive technology we can access information on the process of each food product, from production through sales to distribution. Giving both the consumer and the farmer information on product traceability to prevent fraud, ensure cost optimisation, product safety and more.

The above examples are only analogies of how blockchain can change the world as we know it today. This technology can be used in any field and transform sectors such as industry, according to this study. Thus, with the help of blockchain, the predominant sectors in of Castilla y León can benefit by adapting and implementing this technology in their processes.