Block by block: trust has to be established. Blockchain is here to disrupt the world and shape a decentralized economy.
What is Blockchain?
When reading the term “blockchain” many people think about Bitcoins and incorrectly assume that the only application of Distributed Ledger Technologies is in the cryptocurrency sector. While the first blockchain infrastructure was implemented for Bitcoin in 2009, this is now merely one out of over 150 uses for blockchain.
Blockchain in itself is defined as a digital, decentralized ledger that keeps a history of all transactions made over a peer-to-peer network. Due to the simplicity of the technology and the diversity of its use cases, blockchain can be considered as a disruptive technology. A variety of initial projects have already proved its reliability and cost-effectiveness. Blockchain will revolutionize the way in which assets, money, and securities are transferred and effectively reduce the time, effort and costs compared to conventional methods. Essentially, moving business processes from a centralized to a decentralized network will in future enable customers to make transactions with third parties without having to rely on a trusted person or a central authority such as a bank.
Why Blockchain at T-Labs?
Corporations and individuals alike have recognized the immense potential of Distributed Ledger Technologies. Our Blockchain Group is focusing on creating added value for Deutsche Telekom and for its customers by offering you the technologies of tomorrow, today.
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