What is a blockchain?
Blockchain is a decentralized data structure on the Internet. The term stands for a chain of digital data blocks, where information is not stored on a central computer, but in distributed networks on several servers instead. 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 intermediate banks.
What are the advantages of blockchain technology?
- Decentralized
- Tamper-proof
- Reliability
- Direct transformations among the participants
- Transparent
What are the disadvantages of blockchain technology?
- Not infinitely scalable
- Challenging integration into existing IT landscape
- 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.
