Blockchain technology is perhaps the most talked about and yet the most misunderstood emerging technology in the world today. Blockchain is a method for recording transactional information by storing, securing, and sharing data between separate parties.
Blockchain permanently records, in a sequential chain of cryptographic hash-linked blocks, the history of asset exchanges that take place between peers in the network. All the confirmed and validated transaction blocks are linked and chained from the beginning of the chain to the most current block. The blockchain acts as a single source of truth, and members of the blockchain network can view only those transactions that are relevant to them.
The blockchain revolution that has been taking hold at major corporations, among forward thinking policymakers, and with startup technologies, is making corporate and government operations more efficient and secure.
A May 2018 Deloitte survey of corporate executives found that 74 percent see a compelling case for the use of blockchain in areas from health care and real estate to cybersecurity and education. State and local governments also have begun to employ blockchain in land title and health provider registries.
Benefits include security and audit trails that are built into the way it creates immutable records of new data and transactions; the ease at which it can facilitate, record, and share data and transactions in a relatively frictionless fashion with little need for human interaction; the ability to consolidate across various systems; and its capacity to provide end-to-end visibility and transparency into an entire network.