Blockchain for beginners

Generally described, the blockchain is a kind of shared, decentralized database that is available on multiple computers at any time. It is a growing set of (business) transactions, which are stored in blocks with a digital timestamp and linked to the previous block in each case. Thus, they form a chain – the blockchain. The respective blockchain does not belong to one person or one organization, but rather it is a shared network. Each block added is immutable, which means that data recorded today is digitally sealed for posterity and thus data manipulation is impossible. With these features, blockchain offers great potential for numerous business sectors. This technology is particularly well suited for logistics, procurement, proof of originality and ownership, and sustainability issues.

In the context of digitalization and Industry 4.0, it is therefore essential for your company to understand increasingly smart technologies and incorporate them into your strategy in order to remain competitive in the future.

Blockchain offers transparency – and transparency offers added value.

Blockchain is a secure way to digitally track a transaction throughout the entire process. This increases transparency at all stages of the business process. Only this enables seamless tracking of business transactions when, for example, multiple actors are involved in the various stages of a supply chain and distribution process. In addition, smart technology can also support the buyer by ensuring traceability of goods, raw materials used and manufacturing processes throughout the customer journey.

The use of blockchain thus enables the creation of forgery-proof and transparent “contracts” that implicitly verify their authenticity themselves. These new potentials lead to higher efficiency, improved business processes and optimized revenue and profit situations in a complex economic environment.

But blockchain can do much more. The example of NFT (Non Fungible Tokens, i.e. unique, digital tokens) is currently heralding a new dimension in the digital property market. NFT allows the transformation of physical objects into the tamper-proof, digital world. But this story will have to be told another time.

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