Portugal recently celebrated that two cryptocurrency brokers opened their doors in national territory. This decision of the Central Bank of Portugal it goes against the current position of the European Central Bank, which takes an anti-currency approach within the economy.
The opening of the two brokerages ushered in a new era of technology based on the block chain system. However, many people still don’t know how this technology sector really works.
Make it about Blockchain technology
Blockchain is actually a data type, all over the internet. This information is expressed in the form of “code blocks”, which are created online, and carry data connected in the form of blocks, thus creating several chain links, which give rise to the name of this technology.
This chain of blocks works as a form of recording for various types of financial transactions, in addition to holding a large amount of data, and also confirming the veracity of what is present in each of the blocks, since there is an entire security system behind these records.
When it comes to blockchain, many people automatically think of cryptocurrencies, but the truth is that this technology can be applied in many different sectors, which allows much more security for all users, as well as the decentralization of financial power, also allowing access easier to financial freedom.
The cryptocurrency system is only functional because of the block chain, which allows these currencies to have value, after all, all transactions made using them are registered there, and can be consulted to verify the veracity of these movements.
It is also through it that tokens can be created and used, and they can also have a financial value, and can be used in different ways, such as giving voting power so that people within the blockchain ecosystem can add new blocks to the chain.
For many people, this is the main point of the technology, which allows its users to make financial accounts and various other types of transactions in a completely decentralized way. This means that it is possible to make payments and receive money without the need for a mediator, which is usually the figure of a financial institution.
It’s like getting money out of the wallet and putting it directly into the other person’s wallet, but all over the internet, online, securely and quickly.
Because block-chain technology works precisely through the provision of information, it can greatly help the medical industry to provide faster diagnoses, to have access to more effective means of treatment, all at a greater speed.
Simply put, it’s easy to say that this technology is basically a big database, that it works efficiently, and that it can make it easier in the information management industry.
Creation of a “Technological Free Zone” in Portugal
A market entry of bitcoin price and other cryptocurrencies in Portugal set a precedent for several changes, including the creation of a technology free zone within the country, which could accelerate the evolution of the national sector.
Blockchain Revolution in Portugal
It is still too early to say how everything will happen, but it is possible to see a good movement by the government of Portugal in favor of blockchain technology, which will soon be present in several different sectors.
It is still not possible to be sure of anything, but it is possible to see a great growth in this sector in a short time in the national territory. Portugal, even though they are still learning to deal with Bitcoin, is already accepting the entry of brokers to buy this cryptocurrency in its territory, and even though the decision of the Central Bank of Portugal goes against the decision of the European Central Bank , this will probably not affect the development of the Bitcoin market.
The result of this progressive step taken by the government of Portugal is still uncertain, but it could be positive, affecting several sectors, in order to stimulate national growth.