A blockchain refers to a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly. And the technology is attracting more and more fans. Despite rising enthusiasm, only few applications using blockchain technology exist in the real economy. The Hamburg-based Chainstep is keen to change this situation and sees itself as a bridge to the groundbreaking capabilities of blockchain.
Blockchains bring programmable trust to the economy. Thanks to a combination of digital signatures, hash functions and a new kind of consensus architecture, transactions can be processed without intermediaries and lead to greater transparency. Banks and insurers are showing great interest in the technology and especially the security offered by blockchains. Frank Bolten, Managing Partner at Chainstep, noted: “The blockchain is also called a ‘record of trust’. Data become facts. In a heterogeneous environment like transport logistics, a blockchain can help make many applications transparent and secure.” And other sectors can benefit from the technology.
Blockchains in logistics
Delivery chains in logistics and adminsitration involve several different people who all work on the same process. The technology in the available data banks offers an opportuntity to exchange information and contracts based on trust. Chainstep is presently working on a digital bill of lading and autonomous processes that occur in Industry 4.0. The company is also focusing on other forward-looking issues such as the Internet of Things and 3D printing.
Model Hamburg to host ITS World Congress
Blockchains are considered the technology of the future and the Hamburg Digital Hub opened in late August. Bolten pointed out: “We believe that blockchain technology will determine the future of commerce. That’s why we decided to launch Chainstep.” Consistent with that goal, Hamburg recently won its bid to host the Intelligent Transport Systems (ITS) in 2021 after a delegation led by Frank Horch, Senator for Economics, Transport and Innovation, travelled to Montreal. Hamburg is likely to receive a huge boost in innovation and become Germany’s model city of intelligent transport and logistics.