The Blockchain is a decentralized database in which every affected transaction is storaged in an expandable list. It is a Distributed Ledger Technology (DLT). At first blockchain was developed for bitcoins (cryptocurrency) but with the time it was used in more and more areas. With blockchain it is possible to capture every transaction that is affected via the internet and by a defined number of participants. Like this it can also be seen as a transaction-protocol. Every detail about the transaction is saved but is only retrievable for the appropriate participants. With the blockchain-technology you have a high transparency for participants of a transaction and like this also high security standards. Information can be made tamper-proof and like this also the manipulation of transaction-processes is nearly impossible.
Features of a blockchain
- decentralized storage
- manipulation security
- consensus mechanism
Cryptocurrencies (short: Crypto or Cryptos) are the digitalization of money or other physical assets (such as gold, real estate, etc.). Through tokenization, assets can be converted into digital goods. For this reason the topic is interesting for Chief Digital Officer (CDO). Many companies are already beginning to gain experience with their own blockchain or other distributed ledger technology (DLT). I will take a closer look at the cryptocosmos here.
- Bitcoin Minder Hardware
- Decentralized Application (DApp)
- Distributed Ledger Technology (DLT)
- Initial Bounty Offering (IBO)
- Initial Coin Offering (ICO)
- Reuters: Blockchain explained
- Blockgeegs: What is Blockchain-Technology? A Step-to-Step Guide for Beginners
- Deloitte: Blockchain explained in under 100 words
- Investopedia: Blockchain Explained
- schneier.com: Blockchain and Trust