What Is Blockchain? Why Is Everyone Hyped?

By Daniel Heinen via Iris.xyz

Blockchain – a term which has been shaking in particular the finance sector for a while now. Blockchain technology is frequently being described by words like ‘disruptive’, ‘game changer’ or ‘revolution’. But what is Blockchain exactly, and which role will it play in future logistics or Supply Chain Management concepts?

What is the Blockchain Technology and why is everyone hyped about it?

In essence, Blockchain is a technology for decentralized storage of transactional data. The storage of a transaction is organized in so-called blocks, while following transactions are stored in new blocks. The sum of several blocks makes up a chain; a logical sequence of transactions.

Every transaction contains a timestamp and is secured by a cryptologic process. This chain works like a database which is updating its information continuously, with the difference that the chain is stored on every hard drive or computer which is part of the Blockchain network.

All changes are recorded and encrypted, in real-time and in an audit proof way. Additionally, the changes are authenticated based on the consensus principle. This means that transactions can be verified by all members of the network at any time.

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