What is blockchain?

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The term blockchain is understood to be a continuously expandable list of data records (or, in other words, blocks) that are connected to one another (or chained). This chaining of the blocks takes place with the help of cryptographic procedures - in simple terms with the help of encryption techniques.

This ensures that the data is consistent and that you can always see the unchangeable status of a data record at a specific point in time. This is similar to the journal in bookkeeping and is therefore often referred to as the Internet of Values.

In ThreeNamic, we rely on the blockchain to be able to save the status of your process elements in an audit-proof manner. In our specific case, we also create a kind of journal of your data, which in this particular application is called Distributed Ledger Technology (decentralized account booking technology) or DLT.

A very well-known example of the use of this technology is Bitcoin, the decentralized, digital currency.

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