It is a known fact that the central storage and transaction of data will become less important in the future. Even if the innovative blockchain technology is currently only used in a few areas, for example in the global transfer and trade of cryptocurrencies, it will play a major role in the future. In other countries, this technology has been on the rise for quite a while and has attracted a great deal of interest from entrepreneurs and the economy as a whole from the outset. Germany is still lagging behind in this respect, as politicians have for a long time had a hard time approving the introduction of decentralized technologies. But the economy needs new technologies to maintain its competitiveness and not to be left behind on the international market. The introduction of blockchain technology and its extensive use can therefore no longer be prevented and will lead to a focus on decentralized solutions in data traffic and data storage.
The advantages of the Blockchain – counterfeit protection and simplification are convincing arguments
The blockchain has been experiencing a hype on the alternative financial market for several years. Anyone who invests in cryptocurrencies, trades them and uses them in global payment transactions uses blockchain technology and already knows the advantages. But not only in financial transactions, but generally in all data processing areas, blockchain technology can shorten and simplify administration and, on top of that, protect against data manipulation. Politicians have long been skeptical about allowing this technology in the banking sector, even though the technology is already being used at the political level. The criticism of stationary banks with regard to the elimination of the central unit for money transactions is the underlying cause of the skepticism with regard to the blockchain. When transactions, trading in securities and contracts as well as the storage of customer and patient data take place via blockchain, administrative processes are automated. This is one of the advantages, but at the same the consequences of this development on humans as a resource are still being discussed. It cannot be denied that data traffic via the blockchain is more secure and has a much lower risk of unauthorized access than by conventional means. Since all newly created data is directly linked to the existing blocks of a user, a complete and therefore transparent verification of data is possible.
A further advantage is expressed in the immutability of the data records, so that the blockchain is regarded as extremely forgery-proof and tamper-proof.
Blockchain technology can be used at a global scale
The main focus is on finances and cost savings in the use of the blockchain. This technology automates all processes without the need for a central location. Just looking at the future payment and transaction channels, the revolution of the financial system, it becomes clear that the importance of blockchain technology is on the rise and will take a leading position in the future. More efficiency, more counterfeit protection and more transparency in data traffic are consequences of the technical revolution, the foundations of which are already in place today. Cryptocurrencies as means of payment, the purchase of securities and the creation of customer or patient files call for a new technology the unrestricted use of which only needs to be approved by the political authorities.