Blockchain Revolution

Will the Blockchain revolution come? "(Wiener Zeitung)," Don’t we want governments anymore? "(Kleine Zeitung),"
Land of the mountains, Land of the Blockchain "(Die Presse): The fact that the Blockchain is in the trend, is already on the
headlines and the rapidly growing number of media reports:
Last year “Bitcoin” and “Blockchain” was only mentioned 46 times whereas in 2017 it was mentioned over 1000 times in the media.
So what exactly is behind all that:

The blockchain works like a digital ledger, which distributes transactions with cryptographic methods in a chain of data sets
(blocks) simultaneously to many computers, that is decentralized stores.
Although manipulations can’t be ruled out in principle, they are extremely unlikely because the data would have to be changed
on all participating computers.
The type of data doesn’t matter: whether values of a currency (Bitcoin); Land registry entries or commercial transactions. The key
is that each transaction builds on the previous one and becomes part of an unchangeable chain of uniquely identifiable blocks of data. The
question of whether Blockchain is hype, revolution or both can hardly be answered from today's perspective.
For Ernst Piller, head of the Institute for IT Security Research at the University of Applied Sciences St. Pölten, the
Blockchain is above all "spirit of the time": "It's about sharing and distributing, away from centralization, that's a good thing."

 

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