What is a blockchain?
Blockchain is a decentralized data structure on the Internet. The term stands for a chain of digital data blocks. Information is not stored on a central computer, but in distributed networks on several servers. The transactions or information stored in a blockchain are genuine and unchangeable and therefore do not require administration or authentication. This enables business models without middlemen, for example securities trading without banks.
What are the advantages of blockchain technology?
- Decentralization
- Tamper-proof
- Reliability
- Direct transformations among the participants
- Transparency
What are the disadvantages of blockchain technology?
- Not infinitely scalable
- Integration into existing IT landscape is challenging
- Capacity problems
- Control problems
The blockchain process offers better control of supply chains in logistics, as it can reduce the risk of falsification of proofs of origin. This technology can revolutionize the handling of sensitive information and make information flows faster, more secure and more reliable.
