Our new update paper demystifies blockchain technology!
Even among industry experts, the blockchain concept is still shrouded in mystery. Many are probably familiar with the basic idea of blockchain technology and its relationship to cryptocurrencies like bitcoin, but only a few are able to explain it in just a few words. In issue eight of our update paper, we do just that.
This is a tremendous growth market that has developed rapidly in the past four years. Whereas investment in this segment amounted to less than $70 million in 2013, investment in the first half of 2017 alone totalled more than 1.2 billion dollars! And it is already becoming clear that the technology will have an impact on all segments of the economy. In the automotive industry, for example, blockchain initiatives are serving to simplify tracking of parts and verification of vehicle origin, while helping streamline logistical processes. In the financial and insurance sector, such initiatives are optimizing contractual agreements, clearing, settlement of claims and accounting. And in the media world, they are helping achieve transparency in pricing and shortening the value chain. As such, blockchain is quickly becoming a key driver of digital transformation. Our new update paper provides all the details.
In this series, we regularly convey knowledge in compact form on current trends in the areas of digital marketing, technology and communication. Past topics have included virtual and augmented reality , targeted content and native advertising. Oh, and one more thing! We had promised to explain blockchain in just a few words. The term quite literally refers to a “chain of transaction blocks”. These chains serve as special databases, which can manage transaction data in a fully transparent way without requiring a central supervisory authority or even mutual trust.