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Blockchain Technology Explained

It’s a revolution that begins unnoticed. Distributed Ledger Technologies (DLT) such as Blockchain is a concept known to many people as the technology behind the cryptocurrency Bitcoin. But their potential to redefine how we do business and also redesign our business structures remains unclear to many. The “Chain reaction” series looks behind the hype and provides answers to the most important questions.

What precisely is DLT?

DLT is decentralized, digitally managed ledgers. By the capacity to distribute information with a high level of transparency and security, DLT has really refined the internet.

Distributed Ledgers are basically a collaboration model which is based on an old idea: the cooperative system. DLT transfer this system into the digital world. A platform does not belong to a company that can exploit monopoly structures but preferably belongs to the users of the system. So the area of application of distributed ledgers goes far beyond digital currencies.

How do DLT work? #

The video explains the technology behind Distributed Ledger technologies such as Blockchain and the steps towards an Economy of Things.

Where are the areas of application of DLT? #

Potential areas of application are generally those which are built on confidence and consensus, because information such as, for example, contact details, transactions, or data, are secured decentrally in a distributed ledger. Every node of the network contains data records.

This creates a system that is difficult to attack or manipulate. At the same time, all information is shared and hence is visible in the network. This transparency makes cyber-attacks even more difficult.

Credits to: www.Bosch.com

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