Brought to prominence by cryptocurrencies, the blockchain architecture appears as a secure alternative to centralized database systems. It can store transactions like goods movements along a supply chain using a never-ending sequence of encrypted, digital data blocks. This technology is particularly manipulation-proof as blocks are verified by several participants in a decentralized blockchain database, rather than by a single authority. Trust is therefore an integral advantage of this technology and it can render intermediaries like banks and state institutions obsolete. It can be regarded as a central enabler for smart-contract deals in which transactions like the release of goods or payments are automatically triggered along the lines of if-then logic.
MORE TRENDS AND BEST PRACTICE CASES?
You can find worldwide best practice examples on this macro-trend in our online tool, the Trendexplorer:
- Access to the latest and most relevant innovations worldwide
- Finding useful information with targeted searches
- Creating impressive presentations in PowerPoint or PDF
- Collaboratively working on trend researches
- Staying up-to-date with individual trend alerts