Blockchain - Secure electronic commerce |
An Internet in which sensitive data is completely secure - until recently, this was wishful thinking. With blockchain, it could become reality. Most people only know the term in connection with cryptocurrencies such as Bitcoin and Ethereum. However, blockchain is a technology that can be used to manage data in general and protect it from cyber attacks. This is due to the operating principle: each so-called "block" is a list of data records that can be expanded and are linked by means of cryptography ("chain"). The blocks contain information about the previous block, a timestamp and transaction data. If a block is subsequently modified, all subsequent blocks also change. Any interventions thus become visible and can be traced. The technology is tailor-made for digital currencies. But it can also be used to exchange and store all kinds of electronic information. Think of health data, election votes, education certificates or tax data. In addition, the method is very reliable: The servers involved are not networked via a node, but among themselves, i.e., decentrally. If an error occurs, every server involved has a copy of the data. This could significantly change the economy, as it would make electronic commerce truly secure. The blockchain stores data in near real time, so large amounts of up-to-date information can be exchanged quickly. Objects, such as autonomous vehicles, can also communicate with each other via the blockchain in the Internet of Things.