A blockchain is a database which protects against subsequent manipulation by means of a method connecting all data records. It is particularly used in industries where traceability and conformity are important, such as the shipping of goods or in the financial sector. Ultimately, this technology is an open book of transactions. The latter are grouped into blocks and coupled to other transaction blocks, eventually creating a chain.
Since the blockchain is stored on many different computers, it does not have to be managed centrally and thus also protects against manipulation. Originally the technology was developed as a supporting system for the virtual currency “Bitcoins”.« Back to Glossary Index