Blockchain Technology - MKY GROUP

The blockchain is omnipresent and arguably one of the biggest economic innovations in recent history. But what exactly is a blockchain and what is it used for?

Blockchain is a novel technology that makes it possible to store, process, share and manage any type of information in a database that is often publicly available. These entries are linked together in a continuous list of records (called blocks). The starting point of blockchain technology is the shift in control of monetary values or information.

Control over monetary values and information is decentralized. This means that the information that a bank has, for example, can now be made publicly available to everyone. The special thing about this is that this data is anonymized (using pseudonyms). This means that everyone can look at each account and see how much money is being transferred to the account and what the current account balance looks like, but the account cannot be assigned to a real person.

Another important feature of a blockchain is its transparency. Assume that a person A records on his computer within the blockchain that there is 500,000 CHF in his bank account, even though he doesn't actually own anything, the fraud can be automatically detected by you. This is because you can check the account book on your computer to see whether person A actually had 500,000 CHF in his account. They notice that person A wants to cheat and therefore exclude him from the shared network. In this way, fraudsters are quickly identified and this creates security.

The blockchain can therefore be used in all transaction processes involving several parties, e.g.: recording the origin of pharmaceuticals, logistics in general, procurement, CRM, finance, energy sector and many other areas.

Figure 1: Blockchain, SME portal for small and medium-sized enterprises_

Are you planning to invest in cryptocurrencies or would you like to check the benefits of a blockchain for your company in general? We would be happy to advise you on the hurdles to be overcome and inform you about the many benefits that the technology offers.

Disclaimer: The content of this blog post is for informational purposes only and does not constitute professional advice. Each individual case should be reviewed individually and we recommend that you seek professional advice for specific questions.