Interest in blockchain technology has virtually exploded in recent years throughout the world. Blockchain was originally associated with crypto currencies and Bitcoin in particular, but has now developed into a cross-industry and multi-purpose information technology.
Now that the first hype about revolutionary transaction technology has subsided, many economic sectors are focusing on research and further development of a wide variety of applications, especially in the field of peer-to-peer networking (computer-to-computer connections without an intermediate server).
Naturally, this popular interest in blockchain technology and everything connected with it goes hand-in-hand with an increased need for translation. Translation service providers, such as EHLION, can help you to translate of all your content, including:
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The definition of blockchain is almost self-explanatory: “block” (for blocks or data sets) and “chain”.
A blockchain is a sequence of cryptographically linked data records
Simply explained, a blockchain is a chain consisting of digital data blocks, the length of which is variable, which means that more and more data blocks can be added to any given blockchain. The sequential order is always chronological, which means that the complete history of any transaction can be traced.
The individual data blocks contain information about specific transactions, for example, purchase orders, bank transfers or securities.
One essential feature of a blockchain is that rather than being stored centrally on one computer, it is distributed across many different computers, all of which store the same data. The blockchain is, therefore, a kind of public database.
The decentralized structure of a blockchain makes this technology particularly secure. To manipulate it, the same manipulations would have to be carried out – simultaneously – on all computers across which it is distributed.
It is theoretically possible to change a single data block, but this would be to no avail, as all computers across which the blockchain is distributed monitor each other so that a modified blockchain would be excluded from the system, while the others could continue to work without any problems.
Blockchain technology originally attracted a great deal of attention as a decentralized booking system for Bitcoin, which was the first of the thousands of digital virtual currencies now in existence. The new technology is of particular interest to the financial sector because it in the future it could allow
to be completed in nanoseconds, in a secure and transparent manner. Major institutions, such as banks and stock exchanges, could become superfluous if blockchain technology becomes established.
But blockchain technology is not only of interest to the financial sector: a number of completely different industrial sectors and segments are also working on developing new applications. The potential applications of blockchain technology seem to be virtually unlimited:
Some major corporations are conducting research in the field of blockchain, and start-ups with a grasp of the potential of this new technology are shooting up everywhere – even in areas that have nothing to do with IT.
Blockchain advocates describe it as a technology with greater significance than the Internet, since the potential applications of blockchain technology are far from having been thoroughly explored. Many things that are currently expensive and time consuming could become cheaper through automation with blockchain.
Critics stress that blockchain will lead to massive job losses, as its use, or that of smart contracts (computer protocols that check contracts), could lead to the demise of entire professions.
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The functionality of blockchain transaction technology comes from the world of Bitcoin and other crypto currencies. Transactions in digital currencies, such as Bitcoin, were one of the first applications for which blockchain technology was used.
Whenever money is transferred electronically from one person to another, it must be ensured that no money is lost during the transaction and that the recipient receives the correct amount. In the traditional financial world it is the role of banks to ensure this; these institutions, also known as intermediaries, stand between the transaction partners and charge fees for transaction mediation and other financial services.
But trust institutions, such as banks, are superfluous in the digital currency paradigm, in which transactions can not only be processed faster and more cheaply, but can also be traced. Blockchain technology is transparent because every transaction is recorded and monitored.
Digital transactions are monitored by the so-called miners, who provide computing power and function as a supervisory authority for the blockchain.
The entire blockchain and each of th data blocks contain checksums that can be traced using the transaction history. The task of the miners is to check each transaction for consistency and to verify it. Furthermore, each block is sealed, which means that data becomes unchangeable .
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