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Waitng for the Blockchain revolution

Eurobuild CEE 02 January 2019
POLAND The Polish Chamber of Information Technology and Telecommunications believe that Blockchain will revolutionise business over the next decade.

According to the ‘Blockchain in Poland. Opportunities and applications’ report most data processing systems are currently based on centralised IT platforms with cloud storage, but such data is vulnerable to attack and often requires trust to be placed in intermediaries and arbitrators to verify transactions and this increases costs. With blockchain, each new transaction is given a time stamp and forms a block that is added to the end of a chain of encrypted data. Each user has a copy of the chain, which means that the system is distributed. Because everyone holds a copy of the chain, the data cannot be rewritten and this ensures full transparency. According to the report blockchain could be used in finance, banking, shipping and retail. While its usage could prove revolutionary for the warehouse and hotel sectors. Blockchain is currently used for settlements between businesses, payment management and real estate notary changes.

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