Blockchain Today: A Game Changer for Many Industries

Before we begin, we need to answer the question: "What is a blockchain?" You can think of a blockchain as a decentralized database, essentially a distributed ledger. Every transaction is recorded as a data block in a chain across all participating computers. These chains cannot be altered, making them practically tamper-proof compared to traditional centralized databases. In English, this is called "Distributed Ledger Technology" (DLT) – distributed ledger. Learn more about blockchain technology here.

In the blockchain network, all types of assets can be stored, tracked, and traded. This includes tangible assets like cars, houses, or money, as well as intangible assets like patents, copyrights, ownership deeds, stocks, and more. The blockchain is transparent, immutable, secure, fast, and cost-efficient, as it eliminates the need for intermediaries such as notaries, banks, travel agencies, or other middlemen.

The blockchain technology process is highly versatile and can be applied across various fields:

• Decentralized Finance (DeFi): More and more financial companies are integrating blockchain technology into their existing business models, offering financial services through decentralized platforms. PayPal, for example, now allows users to buy, sell, and hold cryptocurrencies like Bitcoin. Additionally, transfers between individuals and businesses can be made by transferring cryptocurrencies.

• Supply Chains: Where does your coffee come from before it ends up in the coffee machine? Food giant Nestlé uses blockchain technology in its coffee supply chain to track Zoégas coffee capsules from the time of harvest in South America. Many other providers also use tracking for full transparency, sustainability verification, and real-time monitoring throughout the entire value chain.

• Identity Verification: Various companies now use blockchain technology to verify personal identities. With this technology, passports, ID cards, and driver's licenses could be more easily issued and made tamper-proof. This also applies to certificates, property ownership documentation, asset management, and origin guarantees.

• Healthcare: Sensitive patient records can be stored in the blockchain and selectively unlocked – only for doctors. This ensures all data is securely stored, so patient records no longer need to be actively transferred between doctors, as they can be accessed directly. Information such as blood pressure readings, blood sugar levels, or vaccinations can be automatically updated in the record. Even the production and transportation of medicines can be tracked transparently along the value chain.

• Media and Art: Art is also a major topic: real paintings, abstract art, and even digital art can be authenticated and tracked. In 2021, for example, a digital collage by US artist Beeple was auctioned for $70 million. The artwork was encrypted with a Non-Fungible Token (NFT) stored on the blockchain. NFTs make it possible to create unique digital media and assign them value for the first time. Those looking to purchase virtual art in the form of NFTs can rely on well-known marketplaces like Opensea, which also use blockchain technology.

The spread of the technology is still in its early stages. As more and more companies become fully aware of the potential applications, blockchain will continue to drive various industries forward. Additionally, cryptocurrencies are becoming increasingly popular. We also stand at the threshold of Web 3.0, which could enable an Internet of Value or an Internet of Things. You can learn more about the development of the internet from Web 1.0 to Web 3.0 here.

We cannot predict the future development of this advanced technology. However, the opportunities are clear: more security, efficiency, transparency, speed, authentication, and cost reduction. It is therefore quite conceivable that blockchain will accelerate the economy in the future.