For the last 10 years or so, blockchain has been a major financial buzzword. It refers to the record-keeping technology that runs Bitcoin and is often explained a distributed, decentralised ledger. But what does that really mean?
Blockchain is all about storing digital information (blocks) in a public database (a chain). The blocks keep transactional information such as the date, time and amount of every payment, as well as who is making
the payment. A block is added to the blockchain when new data is added. This information then becomes publicly available.
Word on the financial street is that blockchain has the potential to be the most disruptive technological innovation since the internet. Down the line, it’s likely that every industry will be impacted by blockchain in one way or another. Despite this, there is great uncertainty as to what blockchain technology is all about, and what its true potential is.