Blockchain - a Driver for Decentralized Business Models
Automated and secure
More advantageous, faster and safer cooperation relying on automation and on the involvement of several parties. This is what blockchain promises, furthering decentralized business and service models. But what is blockchain and how does the system on which it is based work in practice?
What is blockchain?
Blockchain is a form of peer-to-peer communication in which computers are equally connected in a network. This enables very fast, decentralized storage and encryption of transaction data in a long chain of data blocks. A major advantage is that data records can be exchanged via the system within a very short time and can be checked by all parties involved. Processes run faster - transaction costs fall sharply.
What makes blockchain so safe?
Validation and storage of transaction data is decentralized across the network, so there is no dependency on just one server. Transaction data is distributed on each node of the network in a chronological, transparent, forgery-proof and encrypted way. Cryptographic encryption links data blocks together along a long chain. This encryption and linking of information make transactions unchangeable, traceable and almost tamper-proof.
Blockchain in Practice
Cost-intensive market communication standards, for example replacing the change of supplier in energy sales.
In logistics,tracking the value flows of containers in cross service provider processes or tracking quality in critical cold chain processes (Track'n'Trace).
Enabling cross-market guarantees of origin in order to coordinate direct and indirect product recalls more quickly.
Manage small-scale billings for digital content for example music, videos or articles.
Digitally agree, conclude and manage contracts for B2B services. Manage small-scale billing for new distributed business models with multiple parties involved.