Blockchain Technology

Kevin Leuthard and Mirco Klaus introduced us to the processes of the blockchain. It was a complex but an interesting topic.

Blockchain is a distributed ledger. It works in a decentralized network and guarantees security through broadcasting all new information to all participants. Therefore, each transaction adds to the ledger. In order to get the hash value, you need all inputs. An immutable record with fine stamp is added each time a new transaction is added. After a block of the chain is filled the block gets a final value that is incorporated in the new one. Advantage is that there is no financial intermediary needed. The other big potential is the so called smart contracts. As all the regulations and transactions are recorded, and thus secured and controlled. Not all information (private) can be recorded on the blockchain, as it does not allow data to be deleted. There is however a private blockchain, where there are parties with more authority and the number of participants is limited. More suitable for industrial use or internal use.

This technology has a great potential for humanity. It is important to take this transition, and help people in their ordinary life.

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