Blockchain based technologies (distributed ledgers) have experienced a phenomenal growth in last years. They went from being ignored by big companies and only researched by startups, to attract all the attention from the innovation world. With this regard, blockchain is now one the first item on the big companies’ agenda, Microsoft, IBM, BBVA, Banco Santander or VISA among others.
But… why blockchain? Because this technology allows either replacing inneficient backoffice systems or creating new business models. It lets register transactions between different parties without relying on an intermediary. It is crucial to understand the technological basis of blockchain in order to know its potential.
Blockchain is the Bitcoin’s underlying technology, the well-known cryptocurrency. The Bitcoin protocol has been evolving into different implementations called distributed ledgers, which imply hundreds of use cases different from the issuance of digital currencies.
In this sense, blockchain enables financial transactions between two participants in a safe, trusted and irreversible way, without relying on a third party. The removal of intermediaries imply an important cost reduction and an increment in the transparency and efficiency of those transactions. Blockchain also grants the identity of the participants. This verification of identity is made through cryptography. The blockchain ledger is distributed and replicated between all participants, allowing unforgeable and fully traceable transactions.
Luis is the Consulting Managing Partner and leader of the Crypto and Blockchain global practice at Grant Thornton, which was established in 2015. He is also Vice President of Alastria, the largest blockchain consortium in Spain. Luis has more than 20 years of professional experience in projects related to innovation, both in the field of consulting and entrepreneurship.
Founder of 3 international startups (Crypto, AI). During his years at Grant Thornton, he has been working on more than 40 projects in the crypto and blockchain field at a national and international level, related to crypto strategy, digital identity, traceability, CBDC (Central Bank Digital Currencies), tokenization, NFTs and various sectors in numerous cases of use.