Blockchain – all a matter of trust


Blockchain is a technology that creates trust through technology. The way it works makes it possible that there is  no longer a need for central administration in all of its areas of application  . Whether money, logistics or the energy industry – blockchain technology can take over the organization. 

But that doesn’t make people superfluous. Everyone can participate in a ( public ) blockchain and together form a network. Because this network consists of many different participants, we call it decentralized. At the same time, everyone can check what is happening on the blockchain: it is transparent. 

What is blockchain?

With blockchain technology, trust can be established technologically for the first time. This is where the individual participants come into contact with one another: it is a peer-to-peer network. As a result, there is no need for a central office to monitor the network.

The participants secure the technology using cryptographic methods. This makes it safe and protected against manipulation. In retrospect, however, it is also difficult to change data. This can be an advantage, but also a disadvantage. 

The blockchain technology: block by block trust

For the first time in human history, blockchain technology makes it possible to technically map trust through a decentralized network. Trust can thus be shifted away from central actors towards a decentralized group of participants.  

The blockchain enables  peer-to-peer transactions that were previously not possible. By transferring the (administrative) work to the technology, you can save costs and work. Blockchain technology can even take over contracts, so-called  smart contracts,  and execute them automatically. 

This also strengthens the individual. Less centralized management means shifting responsibility to network participants. So individuals get more autonomy. But: You can no longer hand over this responsibility – that can also be a disadvantage. 

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