The whole world is looking at Blockchain - not only the Internet community, but also the media is overflowing with new news every day. Database technology should not only turn the banking and financial world upside down with crypto currencies such as Bitcoin and decentralized systems such as Ethereum, but also solve many of our social problems thanks to various applications. Rarely has a technology been associated with so many visions and expectations as with the Blockchain approach.
However, the current hype is also blossoming, showing how much our financial system is dependent on emotions. The American iced tea producer "Long Island Ice Tea Corp." renamed itself "Long Blockchain Corp." at the end of 2017 in order to dedicate itself to the business with blockchains in the future. As a result of this letter of intent, the share price rose briefly by 500%.
But what comes after the hype? Finally, critical voices are multiplying that point to the weaknesses of the Blockchain approach and help to draw an appropriately differentiated picture of the complex technology. Often, with the digital use cases that are currently being communicated, either not much remains of the original idea or the application case could have been solved with a conventional database approach. Even when it comes to data protection and data security, there can be surprises. For example, participants in transactions with a crypto currency such as Bitcoins are pseudonymous but not anonymous; each transaction can be assigned to a user.
In this whitepaper we show what is behind the blockchain, how it can be used and where its limits currently lie.
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