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Investopedia defines Blockchain as a distributed database that holds records of digital data or events in a way that makes them tamper-resistant. While many users may access, inspect, or add to the data, they can’t change or delete them. With Blockchain, transactions agreed by consensus are added to a block, a unique cryptographic code is calculated of the block, and that code is added to the following block creating a unique chain of blocks containing all the transactions.

The so-called distributed ledger is a technological system that is an asset database that can be shared across a network on multiple sites, geographies, or institutions. The original information stays put, leaving a permanent and public information trail, or chain, of transactions. The decentralized and distributed digital ledger contains transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network. In short, Blockchain is a record-keeping mechanism that makes it easier and safer for businesses to work together over the internet.

The most popular application of Blockchain technology is Bitcoin, the currency system. The good news is that the Blockchain protocol can be used for non-currency purposes as well.

Though it was initially intended for financial transactions, businesses of all kinds are getting creative with the so-called Blockchain ledger, as it can be used to record, track, and verify trades of virtually anything that holds value. From ride-sharing to cloud storage to voting, companies in all industries are beginning to see blockchain’s potential. Earlier this year, consulting firm Deloitte predicted that by 2025, 10% of global GDP (approximately $12 trillion) would be built on top of Blockchain applications.

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