What is a blockchain?
Blockchain refers to a decentralized data structure on the Internet. The term stands for a chain of digital data blocks. In this case, information is not stored on a central computer, but in distributed networks on several servers. The stored transactions or information in a blockchain are genuine and immutable and therefore do not require administration or authentication. This makes business models possible without middlemen, for example securities trading without banks.
What are the benefits of blockchain technology?
- Decentralization
- Manipulation security
- Fail-safe
- Direct transformations among participants
- Transparency
What are the disadvantages of blockchain technology?
- Not arbitrarily 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. With this technology, the handling of sensitive information and can be revolutionized and information flows become faster, safer and more reliable.
