Part 1: Technology and development Blockchain is on everyone's lips and is the subject of diverse discussions. Is it just a trend or is it the technology of the future? The technology certainly has the potential to change the entire business world and our lives. But what is behind it and to what extent will blockchain be able to change things?
Our team has been working on this question for several weeks, conducting our own research and interviews with people who are actively working with or on the technology. Our findings gave us a new perspective on the controversial revolutionary technology, and we don't want to deprive you of it. The roots of blockchain technology, also referred to as the "Internet of Values," date back to 1980. Its immense fame today is due to the cryptocurrency "Bitcoin". In 2008, bitcoin emerged in the financial world. Since then, interest and (in the long term) the price have been rising. The application of this novel technology quickly caught on in other industries, businesses and processes. At this point, let's explain simply and concisely what blockchain is and what benefits and potential it offers: Blockchain technology is understood as a transparent, decentralized and immutable data concatenation or network of transactions. This database expands chronologically and linearly into contiguous blocks with each new transaction. Transactions are defined differently depending on the use case. In finance, for example, a transaction can be a wire transfer. If two parties conclude a contract and presuppose mutual actions, a transaction can be the fulfillment of a defined action.
Each block is linked to the previous block by means of a cryptographic hash value. This hash value ensures the immutability of the data content. In addition, the blocks each contain timestamps and digital signatures of the parties involved. Based on distributed ledger technology, the parties are integrated in a decentralized network and can view the transactions and make new entries.
These components distinguish the blockchain. They provide the following advantages:
Decentralized structure
Improved security - tamper proof
Failsafe
Direct transactions - no intermediary necessary
Time and cost saving
