Volker Hartzsch is the founder of Nano Magic Inc., Hybrid Evolution Marketing Inc. and Profit Business Systems Inc. An experienced software developer and blockchain specialist, Mr Hartzsch also provides business coaching services, having helped more than 180 people to achieve seven-figure per annum incomes to date.
This article will look at blockchain, exploring its potential applications and outlining some of the key benefits of blockchain technologies.
Blockchain is a distributed database or ledger that is shared across nodes of a computer network. One of the biggest differences between blockchain and a typical database lies in the way that blockchain data is structured. In a blockchain, information is arranged in blocks that hold sets of information. These blocks have specific storage capacities. When full, each block is closed and linked to a previous block, forming part of a chain of data that is known as the blockchain.
Blockchain was introduced as far back as 2008. Some 15 years on, Bitcoin is recognised around the world today and is used by market players and major financial institutions alike.
Trust is the lynchpin of any functional society, serving as the glue that holds together personal and professional relationships. Trust reassures people, giving them confidence to share personal information, collaborate on complex projects and complete transactions with one another.
In recent decades, there has been a decline in trust between humans at both a societal and individual level. This can be attributed to a variety of factors, chief among them globalisation, technological advancements, and changes in social values and norms. The attached PDF takes a closer look at digitisation and its impact on daily life.
With records kept on multiple computers, blockchain security is enhanced, helping to guard against data losses from theft, fire or catastrophes. It is virtually impossible to tamper with or delete blockchain records, reducing the chances of fraud.
Blockchain is a trust-building record-keeping technology that relies on a distributed ledger system to securely record, store, manage and transmit transactions. It has a variety of potential applications, including monitoring supply chains; asset management and financial services applications; and passport and voting identification.