What is Blockchain and what it can be used for?

Tuesday, 10 May 2019

Blockchain is a foundational technology that holds the promise of creating new digital business opportunities. But do you know what blockchain is actually about and where it can be used for?

What is Blockchain Business in a Nutshell?

When defining blockchain, we are referring to a complex peer-to-peer network of intercommunicating encrypted databases which allow for the efficient and remote collection and storage of information. Ledgers of data are structured into blocks which contain signed transactions that are cryptographically linked together. In general, you can say that blockchain is an evolutionary technology which enables data security and transparency, while also documenting transactions in a decentralised, secure, transparent and irreversible way.

Blockchain Origins

To give you some background, the development of blockchain has gone through a number of phases. In 2008, the concept of Bitcoin cryptocurrency was born and developed by “Satoshi Nakamoto” (an unknown person or collective). The software behind this evolutionary technology was further advanced, thereby leading to the creation of the Bitcoin network in January 2009. Bitcoin is considered a prime example of a first generation blockchain.

In 2014 we saw the development of a second generation blockchain known as Ethereum. This computing platform is a globally decentralised operating system for money which allows users to write code and create applications that individuals can easily access from anywhere in the world. These types of platforms exhibit features which can be applied to the research and development of distributed systems, Smart Grids, supply chain management and the Internet of Things.

Blockchain Use Case Applications

  • Cryptocurrencies and online payment processes
  • Ownership-related transactions
  • Transferring of assets which enhance the traceability and quality of products
  • Support of autonomy of intelligent physical objects within the Internet of Things
  • Management of authorship in the media industry
  • Maintenance for digital voting processes in the public and legal sectors

Professional Profiles that Directly Benefit from Blockchain Technology

  • Information System Managers
  • Professionals in Human Resources
  • System Engineers
  • Application Developers
  • Project Managers
  • Specialists working in the real estate, healthcare, retail and insurance sectors

How Can I Learn More about Blockchain?

Are you ready to jump on board and take the next step towards advanced digitisation and the creation of a profitable blockchain framework that could expand the potential of your business? Due to high demand, the EIT Digital Professional School offers you the unique blending course Blockchain 360, which is developed in collaboration with Fraunhofer FIT. This blended course consists of a free massive open online course (MOOC) which provides you with the basics about blockchain, along with a two day in-person course near Bonn in Germany, where you will get more in-depth insights and learn how to use the Fraunhofer Blockchain Framework.

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