What is Blockchain Technology?

Blockchain started in 1991 as a way to store and secure digital data. Blockchain is an open ledger that several parties can access at once. One of its primary benefits is that the recorded information is hard to change without an agreement from all parties involved. IBM explained that each new record becomes a block with a unique, identifying hash. Linking the blocks into a chain of records forms a blockchain. Bitcoin cryptocurrency uses blockchain technology.

Blockchain helps in the verification and traceability of multistep transactions needing verification and traceability. It can provide secure transactions, reduce compliance costs, and speed up data transfer processing. Blockchain technology can help contract management and audit the origin of a product. It also can be used in voting platforms and managing titles and deeds.