What are some examples of blockchain companies

Blockchain companies on the rise

Blockchain applications are considered to be a key future technology. The virtual encryption methods are most often associated with crypto currencies such as Bitcoin - the technology is more than just that, as a look at the blockchain companies in Germany and the EU shows.

Blockchain - a term that often only connoisseurs know what exactly is behind it. The technology came into the light of the general public only with the success of cryptocurrencies like Bitcoin and belongs to the "Distributed Ledger Technologies", in German: Technologies of distributed cash books. In contrast to central administration by an institution, all participants have identical copies of the database on their computer.

Digital means of payment such as Bitcoin are based on an encryption technology ("cryptography") that secures payment transactions in virtual space. The internet currency does not consist of bills and coins, but of a chain of encrypted data blocks - the blockchain.

The blockchain technology

Put simply, blockchain technology works like a digital account book with an infinite number of pages used by many people, which is stored separately by each person for whom transactions are made and can be viewed at any time. If a new transaction takes place, the corresponding data is registered on a new page - a new block -, saved, securely encrypted and finally added to the book or the blockchain.

The data blocks are not located on a central server, but are distributed decentrally in a network, with each computer having an identical version of the virtual account book. This makes an intermediary service provider - in the case of financial transactions, for example banks - superfluous.

The use of blockchain technologies is not limited to cryptocurrencies. In principle, such procedures can be used wherever a group of people would like to process transactions without an intermediary.

One example of this are smart contracts - contracts that are concluded digitally and whose processes are optimized through technologically supported processing. With a smart contract, for example, a product ordered over the Internet can be paid for at the exact moment the goods reach the customer.

Blockchain is increasingly in focus for companies

Blockchain technology is still in its infancy; many applications have so far been pure prototypes or beta versions. Increasingly, however, companies are also dealing with the potential in the business environment. Some corporations already have innovation departments in which blockchain applications are to be developed. For some companies, blockchain is already at the heart of their business (graphic):

In Germany there are currently 241 companies focusing on the technology.