Short introduction of blockchain
Pros and cons of blockchain
Data written on the blockchain had to be verified by all members of the network.
Data written on the blockchain cannot be removed or modified.
The data written on the blockchain is accessible to read for everyone.
Accessible world wide. So long as one has internet connection, she has access to the blockchain as well.
One of the technology’s big disadvantages is its transaction per second capabilities. While there are solutions on the way, the typical speed of a public blockchain is a few 10 transaction/second compared to Mastercard’s or Visa’s ten thousands/second.
A unique mechanism of the technology is mining. This mechanism is needed in order to add new blocks to the blockchain, but its energy consumption is famously high.
The volume of data that can be put on the blockchain is quite limited. Blockchain is unfit to store videos or pictures, it is only capable to store small texts as data.
Because of the complexity and the young age of the technology it is hard to find developers who can create blockchain based applications.
Successful blockchain projects
Breitling was the first on the market to use blockchain technology to verify the originality of its watches.
To do so, Breitling uses the Ethereum blockchain and so called “smart contracts”.
Alfa Romeo will be the first car company to use blockchain technology to verify the originality and the current owner of their cars.
To achieve this, Alfa Romeo is using “smart contracts” and NFTs (non-fungible tokens).
In 2016 Dubai’s government set in motion a plan to use blockchain in over 30 administrative area
This plan includes among other things, handling medical data, administration of companies and providing proof for diamonds that their origin is free from war.