What is blockchain?

Blockchain is technology that records and saves a record of every single transaction, in order, from the time the very first transaction was conducted. It’s a distributed ledger for chains of digital transactions, called blockchains. Blockchains are managed by peer-to-peer networks that are decentralized and autonomous. These networks verify transactions, vouching for the two parties involved in a transaction. Once a transaction is verified, it is recorded in a blockchain. This verification process eliminates the need for a central authority or a third-party institution like a bank, government, or stock market to authenticate transactions when payments and other digital information are exchanged. Blockchain technology allows funds and other digital information to be transferred quickly and securely anywhere in the world.

Uses of blockchain technology:
🔽 Track Drugs and Other Medical Supplies
🔽 Remove Banking Bottlenecks
🔽 Improve food safety
🔽 Expand the Capabilities of Smart Factories