The research group advises on the use of blockchain technology and the analysis of virtual currency systems.
Competence and technology
The core competencies include knowledge of virtual currency systems, platforms for the development of blockchain solutions, as well as insights into different areas of application. On the one hand, the research team deals with the question under what conditions the use of blockchain technology makes sense in different domains, such as trade, logistics and public administration. On the other hand, the team develops concrete blockchain and smart contract solutions based on existing blockchain platforms, such as Ethereum.
Blockchain technology provides a new way to store transactions in a distributed manner. The technology was originally developed in the context of virtual currencies (Bitcoin), but it quickly became apparent that the decentralized, tamper-proof and transparent way of storing of transactions offers great application potential in other areas as well. In contrast to centrally managed information systems, the data of the blockchain is distributed over many computers and secured by means of cryptographic methods. The members of a blockchain are interconnected and can exchange values in form of virtual currencies and other information directly with each other (peer-to-peer). All transactions must be confirmed by a majority of the network members, so that the entire block chain and the contained transactions are transparent and comprehensible. The blockchain is considered tamper-proof because each member of the network has a copy of the blockchain which can be verified by every other member. The various blocks are linked together by a reference chain, so that the manipulation of a single transaction would visibly invalidate the member's entire blockchain for other members.