Blockchain

Blockchain technology has major relevance for the digitization of services and processes in many different areas of application beyond the financial industry and independent of cryptocurrencies in particular. Whilst for the Internet of Things the potential for automation associated with smart contracts is especially significant, for applications from the supply chain fields or for proofs of origin it is the irreversibility of the transactions conducted. This article describes the functioning of this new technology and the most important resulting qualities. The chapter provides a list of criteria for identifying digitization projects for which blockchain technology is suitable.Because of the extent of blockchain technologies and their applications, developing the basic technologies requires a multidisciplinary approach, as does developing applications, carrying out studies of cost-effectiveness, and designing new governance models. The diverse competencies offered by the various Fraunhofer institutes, put the Fraunhofer-Gesellschaft in a position to make a significant contribution to the ongoing development and application of blockchain technology.