A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks that are recorded and added to it chronologically, it allows market participants to keep track of digital currency transactions without central recordkeeping.
Originally developed as the accounting method for the virtual currency Bitcoin, blockchains – which use what's known as distributed ledger technology (DLT) – are appearing in a variety of commercial applications today. Currently, the technology is primarily used to verify transactions, within digital currencies though it is possible to digitize, code and insert practically any document into the blockchain. Doing so creates an individual record that cannot be changed. In addition, the block's authenticity can be verified by the entire community using the blockchain instead of a single centralized source.
However, DLT is also being used in other fields, like IoT and InsurTech to name a couple. It is still being explored in many industries, so there are many Pilots being explored, Innovating in this field is likely to drive the technology forward as the potential for massive cost savings through automation is real.
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