Blockchain
Blockchain can be a confusing concept to understand. Luckily, we are here to simplify things. Blockchain technology is a relatively new concept and rapidly growing piece of foundational technology, like internet or cloud computing. Similar data structures have existed long before the popular cryptocurrency bitcoin was conceived.
Key elements of a blockchain
- Distributed ledger technology
- Immutable records
- Smart contracts
Benefits of blockchain
Operations often waste effort on duplicate record keeping and third-party validations. Record-keeping systems can be vulnerable to fraud and cyberattacks. Limited transparency can slow data verification. And with the arrival of IoT, transaction volumes have exploded.