I’m Paula Santolaya, reporting live from SANTOLIVE in my virtual reality. Have comments, questions, or suggestions? Post them in the comments section or email me at info@santolive.com. 

The first time I heard the word Bitcoin or cryptocurrency was when I discovered the dangers of the Deep Web: a virtual space created in the 90s that still escapes the control of conventional searching engines and authorities due to the shield of anonymity.

Until now, the only use I knew about this virtual currency was related to illegal activities: drug, arms, organs, animals and people trafficking, terrorism, hacking, espionage, etc.

Recently a new even more complex term has been created: Blockchain, a cybersecurity trend with an increasing interest shown by many companies.

Here are 3 keys to understanding Blockchain:

1. What does it consist of? It is a huge digital accounting book where all the transactions made by users connected on the Internet are registered.

2. What characteristics makes it special? The transparency of information, the security of the encrypted systems and the decentralization of a process without intermediaries.

3. What is it for? In the First World, it opens the door to new business models: digital micropayments, electric car, real estate services and online notary, collaborative and decentralized journalism, Industry 4.0, electronic voting, etc. In the Third World, this technology could improve the efficiency of humanitarian aid by reducing costs and increasing aids in remote or hit areas by wars and natural disasters.

Blockchain is useful to build trust-based relationships between strangers and, thanks to the smart contracts, automate many of the transactions that currently require human intervention or being trusted by a third party intermediation.

This tool guarantees to be the engine of the fourth industrial revolution and may change our lives in the not too distant future. A technology that will imply a before and after in the way of carrying out daily activities.