A technology which has become a game changing force in any area where trading occurs, where trust is at a premium and identity theft protection is critical. In its essence, blockchain is a self-sustaining, peer-to-peer database functioning as a distributed ledger for managing and recording transactions. This is done without the involvement of a central authority such as a bank or clearinghouse. Blockchain is also often referred to as Distributed Ledger Technology (DLT). One of the most visible applications of Blockchain is as the underlying technology behind cryptocurrencies; Bitcoin, Ethereum, Ripple, etc. are all based on Blockchain.
Blockchain has seen significant industry adoption by both startups and large enterprises. The Australian Securities Exchange (ASX) has announced the switch to blockchain technology to record shareholdings and manage the clearing and settlement of equity transactions.
The practical application of a transparent, tamper-proof register of transactions are almost endless. The fact that it provides fraud protect with no central supervision simplifies required control and security.
When a disruptive technology provides tangible benefits for an industry, the most effective companies will evolve and become better by incorporating them into their business processes. Blockchain offers a once-in-a-generation opportunity for a wide variety of business to transform themselves.