How revolutionary is the block chain technology? – FAZ – Frankfurter Allgemeine Zeitung

The revolutionaries have big plans: the transformation of the financial system, the insurance industry and the energy supply, in short, a democratization of all trade and communication channels, as we know it today and use <. / p>

Author: Jonas Jansen, editor in business. Follow

with the help of the technology of the “block chain” they want to abolish all intermediaries, that intermediaries such as banks, exchanges or credit card companies. It took no more accountants and auditors. The creator of the block chain want to break the power of corporations.

The new technology is indeed so complicated that hardly anyone understands. This leaves plenty of room for dreaming. The block chain must be thought of as digital cash or budget accounts. Transactions are listed there, stored in blocks and lined up like pearls on a string

Bitcoins stirred as known example

Therefore, the name. the block chain was invented by an unknown person named Satoshi Nakamoto who published a concept paper to digital art currency Bitcoin eight years ago. As a trading platform for encrypted cryptocurrency sat Nakamoto on the concept of a block chain. To date, Bitcoins are their most famous application example.

In fact, this design has some advantages. Unlike a normal transaction between two bank accounts are in the block chain, the data blocks that characterize a transaction as carried out only if all participants in the block chain got the signal on all computers to millions of different computers.

that place of trade and person a from person B has received the product, the existing chain

risk of evasion and black money laundering is added a new member.

exacerbated

this creates transparency because it all market participants is cost. A person can not sell again to person C the same good, even in the case of a manipulation of several computers there were millions of others who would discover the deception. Despite the counterfeit security and transparency, market participants are anonymous. Your identity is obscured by a code

Because of course the difficulties begin. Bitcoins for example you can save in digital wallets, the “wallets”. A person can also have several, as you can set up as many accounts.

However, the concept exacerbated by the anonymity the risk of evasion and black money laundering, because setting up an account is much simpler. Almost all municipalities hesitate therefore to accept Bitcoins as payment – with a few exceptions such as the town train in Switzerland

No more waiting for Official Matches

Now, authorities are not considered as drivers.? innovation, and actually goes to the block chain technology, especially in a time advantage along: who is ready today two days until the money goes from one bank to another, could tomorrow be paid at your fingertips. Who today for weeks on appointments awaiting the Office, could get done tomorrow registrations in seconds when the technical conditions were met for it

There lies the next problem. Just because something is technically possible, it does not mean that it is also allowed. Regulations privacy hackles already the technical possibilities afterwards, which will be enhanced by large Internet companies like Facebook and Google repeatedly across borders.

If a street in Brooklyn in New York settles its power supply via a block chain, is the well and good, but to an entire city is supplied without a power supplier with heat, it is likely to take years. The needs broad-thinking developers who struggle through restrictions and urban obstacles. could convey something just as ponderous force large institutions.

A syndicate of German bank to UBS came together under the name of R3, to work on the technology. The “big five” of management consulting companies such as Deloitte and PWC shall confer in any company experimented on with the block chain.

Evolution not Revolution?

The progress is mainly of corporations as Microsoft driven, providing their cloud technology available, so you can put there the block chains. Here also benefit initially the market power of the players Internet world. One should not blame them, because if so many people use Facebook and Google, these companies obviously make something right.

The Revolution course is canceled. If you look closely, recognizes that in the excitement over the block chain especially those foremost develop solutions whose power and influence should be limited by the new technology.

This shows how threatened banks feel, but are they do everything to avoid being suspended. the block chain will create new markets undisputed, but the middlemen will remain. Maybe benefit customers at the end of lower prices and better service. But it needs for any language upgrade. One should emphasize the Revolution the first letter.