Nowadays Blockchain Technology is everywhere and the benefits are discussed again and again. The 26-year-old entrepreneur and online marketing coach, Patrick Kogler, has been dealing with Cryptocurrencies and the controversial Blockchain Technology for years and has formed his own opinion. We should take a closer look at this technology to understand its benefits. We would like to know from Patrick how he came to this topic and when he first heard about the technology?
“At the age of 18, I heard about Bitcoin and Blockchain Technology for the first time. I was intrigued that, for example, using Bitcoin could bypass third parties, such as a bank. You´re able to make direct payments and so no bank is needed anymore. The transfers also work much faster than usual and the information is stored locally in the blockchain, ” Patrick tells us.
To clarify the meaning: A blockchain is a decentralized database and is extended linearly in a linear fashion, comparable to a chain that is constantly being added to new elements at the bottom (hence the term “blockchain” = “block chain”). If one block is complete, the next one is created. Each block contains a checksum of the previous block. Thus, large amounts of data are perfectly protected by means of encryption.
What other areas of application, except in the financial sector, does he know about? “There are many different uses in other areas. For example in the pharmaceutical industry. Blockchains can enable patients to store their own medical data more securely. For example, the health record of insurance companies can be protected against manipulation, by Blockchains. At the same time, they can be encrypted. The technology is also important in the cross-border transport of products, as it is common in the pharmaceutical industry. For me, Blockchain provides solutions to many of our current problems, so I see a clear benefit in it, ” explains Patrick.
We ask him what else has convinced him about the technology? “There are many poor countries that can be extremely helped by this technology. It should be remembered that there are many people who come to Europe only to work here and then they send the money to their families at home (for example, to Africa). In this case, alone the transaction costs eat a third of what you want to transfer. Only because you transfer via a bank! If you transfer Bitcoins over the Blockchain, you do not have these additional costs and that makes a very big difference, especially for these people! In my opinion, this system will sooner or later establish itself, “he continues enthusiastically.
We would like to thank Patrick Kogler for his assessment, we keep watching the development of Blockchain and keep you up to date on further news.