Monatsarchive: Februar 2018

Blockchain For Dummies

[German Version] The ‚blockchain‘ is currently being praised as a new miracle technology. The word appears six times in the German coalition agreement for the new government – and always in the context of new and promising digital technologies. But what is behind all this? Blockchain technology was born with its first popular application: Bitcoin. Bitcoin is based on the fact that all transactions made with the digital currency are recorded in a kind of ledger. However, this ledger is not located in a central registry, but on the computers of all Bitcoin users. Everyone has an identical copy. And whenever a transaction happens, it is recorded more or less simultaneously in all these copies. It is only when most of the ledgers have written down the transaction that it is considered completed. Each transaction is cryptographically linked to the preceding transactions so that their validity is verifiable for all. For instance, if someone inserts a fake transaction in between, the calculations are no longer valid and the system raises an alarm. What we’ve got, is a storage technology that no individual can control or manipulate. Early on, even bitcoin skeptics admitted that besides the digital currency itself, it is … Weiterlesen

Veröffentlicht unter Algorithmenkritik english extern Plattformpolitik Weltkontrollverlust
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