What is blockchain?
Blockchain is a public record of all the transactions that have happened in the past. It’s like a digital record book or database that you can check out from
your library to make sure it’s right. You can also add new information to the database, like new details about a product or service. The ledger is not kept in one place. Instead, it is stored on thousands of computers at the same time. This makes it almost impossible for someone to change the information on the ledger without everyone else knowing about it.
Blockchain technology could be the basis for new ideas that could change industries in the future. There are many ways that blockchain could be used, but here are just a few: Financial Services: Blockchain can make it faster and cheaper for banks to send money around the world than it was before. Mobile payments using cryptocurrencies like Bitcoin have been around for years, but now there are moves to let merchants accept Bitcoin directly into their bank accounts instead of having to convert it back into local currency first. This could speed up and save money on international payments by getting rid of currency conversion fees.
Supply Chain Management: Companies in industries like food production and retail are using blockchain technology more and more to track products through their supply chains and make sure they are not contaminated with food-borne illnesses or other contaminants. The technology can also be used to make products more clear and easier to track, which will make them more appealing to people who want to know where their food comes from.