Blockchain is not just the basis of the cryptocurrency Bitcoin. Blockchain is much more: With this combination of process and technology, things of any kind can be traded quickly and low-risk.
A blockchain is a kind of digital database for transactions between multiple devices that accurately capture each change and stores it transparently and decentralized on the participating computers. The stored information is hardly manipulable in this way and the integrity of the database is ensured. Due to its encrypted design, the process is currently the technical basis for cryptocurrencies and can ensure the security of financial transactions.
Transactions can be any kind of information, such as values of a currency, Immo land registers, Wikipedia entries, art objects or contracts. Crucially, subsequent transactions build on previous transactions and confirm them as correct by providing knowledge of the earlier
Hardly more than two years ago, IT insiders at most a household name, the topic of blockchain is currently becoming more and more a blockbuster with enormous explosive power. The technology has the potential to become as revolutionary for transactions as the Internet for the exchange of information.
The aim is to make value chains and business processes faster, more transparent, more direct and, above all, cheaper. More and more companies are thinking about how technology can transform their operating model or improve their strategic direction and value proposition.
This was a short excerpt from the newsletter 01/2018, which describes the blockchain basics and their areas of application.