The blockchain, a decentralized database on many networked computers, stores entries in blocks whose authenticity is guaranteed by a common consensus mechanism.
This chain is created by storing new data records attached to an existing original block. A key feature of blockchain is its decentralized nature, as each participant stores a complete copy of the data history on their own computer. This distribution significantly increases the security against manipulation, as even if a copy is manipulated, many unchanged copies exist and the manipulated data record can be easily identified and removed. The sequence of the blocks is additionally secured by a checksum. The areas of application for blockchain are wide-ranging and not limited to financial transactions. In addition to accounting, it can also be used to secure media content, such as music or photos. There are also several types of blockchain networks, including public, private, permission-based and consortium blockchain networks.
This technology offers various advantages, including security, transparency, cost efficiency and time savings. It enables the secure transfer of information in a network without a central control authority and facilitates the management of transactions, particularly in the financial sector.
« Zurück zur Glossar Übersicht