Blockchain is one of the most hyped topics in IT and business. The technology offers many advantages.
More data protection, security and transparency
Due to the basic function of the blockchain, all data is stored in encrypted form and is available more securely than with conventional technologies. Since all actions are stored in the blockchain, you can see exactly when and which actions in your Bitcoin 360 account were carried out. The individual blocks build on each other, making manipulation much more difficult than before. The general operation by users is easier. Users can quickly use the technology as soon as there are enough areas of application.
No central structure necessary
An important foundation of the blockchain is that there is no central server where all data is stored, rather all members of the blockchain store all data. This increases security and the dependency on a central server. The blockchain network protects itself through its members.
Many areas of application for companies and authorities
The first two advantages result in many areas of application for companies and authorities. As soon as data has to be passed on, for example in medicine, logistics or finance, the blockchain can help to carry out data transfer quickly and securely. This also makes authentications more plausible, so that the first countries are also planning to create an ID card based on the blockchain. This enables a secure ID card to be provided quickly. The blockchain also makes sense in logistics. The flow of goods remains completely under control thanks to smart contracts.
Higher speed and better traceability
The blockchain makes it possible to increase the speed with which processes can be carried out in the company. At the same time, the individual data can be tracked more easily if the data is stored transparently in the blockchain. This results in advantages, especially in logistics. The individual data can be traced at any time. The blockchain helps to carry out a data flow and also to manage it. Hardly any other technology currently offers this.
Reduction of costs
Of course, companies and authorities also hope to reduce costs by using the blockchain. Since there are no separate servers and the data can be passed on more quickly and easily within the blockchain than before, significant costs can be saved. Security is also cheaper because the data is encrypted. The blockchain can protect itself through its logical structure. Processes in the company are becoming faster and therefore more effective.