What is Blockchain?

Blockchain Technology, which began to emerge in 2016 and 2017, is quickly becoming a low cost, efficient way to share information and data between open and private business networks. This technology is currently used for tracking assets and building trust. The use of blockchain has increased dramatically over the last couple of years with the market expected to grow to 2.3 billion dollars by 2021. All data storage is tamper-proof and incorruptible when backed by Blockchain. For businesses blockchain holds the promise of transactional transparency as well as saved time and administrative costs – it represents a new paradigm for how information is shared. Blockchain offers the ability to create secure, real-time communication networks with partners around the globe to support everything from supply chains to payment networks to real estate deals, healthcare, financial technology and  global shipping. For individuals, too much time and effort is currently wasted on identity verification. Using Blockchains, the verification of online identity coulld be much quicker. Archiving enabled by Blockchain will also offer much greater protection of intellectual property than before. Check out the video above for an easy to understand explanation of exactly how blockchain technology works. Can you imagine how this technology could make your life easier?