What Exactly is Blockchain Technology?
By now everyone’s heard of the cryptocurrency Bitcoin – heck, you might even own some, of course I do. And no doubt you’ve probably come across the term “blockchain” and wondered what in the world it could possibly be. Interestingly, the concept of a blockchain was actually created for cryptcurrencies and started with Bitcoin. In a nutshell, blockchain is a digital, decentralized ledger that keeps a record of all transactions that take place across a peer-to-peer network without a need for a centralized third party. The exciting and potential uses for this new technology are now being explored.
“From a business perspective, it’s helpful to think of blockchain technology as a type of next-generation business process improvement software. Collaborative technology, such as blockchain, promises the ability to improve the business processes that occur between companies, radically lowering the “cost of trust.” For this reason, it may offer significantly higher returns for each investment dollar spent than most traditional internal investments.”