What Is Blockchain Technology?
Blockchain technology is a decentralized, public ledger that stores data in blocks that are linked together in a chain.
It is used to record transactions and track assets across a business network.
Blockchain technology has several benefits, including:
Security
Blockchain technology uses cryptography, desentralization, and consensus to create a secure system that is almost impossible to change.
Trust
Blockchain technology can help establish trust between parties doing business together by providing reliable, shared data.
Efficiency
Blockchain technology can reduce transaction times from days to minutes.
Cost savings
Blockchain technology can reduce the need for transaction oversight, which can lead to cost savings.
Blockchain technology can be used to track and trade many different types of assets, including:
Tangible assets like houses, cars, cash, and land
Intangible assets like intellectual property, patents, copyrights, and branding
Orders
Payments
Accounts
Production
Blockchain technology was first outlined in 1991 by Stuart Haber and W. Scott Stornetta. However, its first real-world application came with the launch of Bitcoin in January 2009.
