What is a blockchain

The use of blockchain technology is unlimited, allowing you to create secure transactions between parties without the need for an intermediary. By removing intermediaries and overheads, blockchain technology has the potential to significantly reduce transaction fees, reduce the time from days-to-minutes transitions, and process them 24 hours a day.

The biggest blockchain, however, is transparency – so it is called “technology of truth”. Data is stored in separate storage units called “block”. These blocks are stored in the string one after the other, therefore “chain”. Blockchain is a distributed database protected by encryption so it guarantees information security and protects from access and modifications from unsolicited third parties. We are already talking about the use of the blockchain on electronic choices, the credible storage of cadastral and matrix information for vehicles registration. Estonia has started writing block matricular data for last year.

Advantages of blockchain technology

  • Cheap – does not require centralized secure servers
  • Short – can record transactions in real time, which means instant money or asset transfers
  • Transparent – transaction records can be read by anyone with a public key
  • Secure – encryption ensures that only authorized subscribers can make transactions with the necessary resources, while records can no longer be changed

Short video explaining blockchain technology – World Economy Forum


More about blockchaine can be found in the following articles:

Ako som uveril, že sme našli technológiu pravdy (Prečo potrebujete vedieť o blockchaine) – Miroslav Pikus, Denník N (30.03.2017)

IBM vytvorilo bezpečné zázemie pre technológiu Bitcoinové technológie – Milan Gigel , SME (02.05.2016)

Finančníci sa inšpirujú Bitcoinom. Blockchain môže znamenať koniec SWIFT-u – Ján Záborský, etrend.sk (17.05.2016)

Blockchain na Wikipédií – Wikipédia.com

Kryptosystémy a potenciál ich využitia v súkromnom a verejnom sektore – Nadácia F.A.Hayeka, PC Revue (2.2.2017)