If you keep your ear to the ground for innovations poised to transform the business world, you’ve probably heard of blockchain technology. But if you’re not quite sure what blockchain is or how it can benefit your business, you’re in the right place.
What is blockchain?
Blockchain is a digital ledger technology that enables secure, transparent, and tamper-resistant record-keeping of transactions. Blockchain creates inherent trust because it groups data into encrypted blocks that are very difficult to alter without also altering all subsequent blocks.
Unlike traditional databases, blockchain isn’t controlled by a single authority. It’s a decentralized system distributed among a peer-to-peer network, which makes it resistant to censorship and fraud.
Blockchain has the potential to replace dated business models and intermediaries across different industries, including health care, supply chain, identity management, financial services, and energy. But in many cases, blockchain may be integrated alongside existing systems to enhance efficiency, security, and…