Introduction to Blockchain Blockchain is a digital technology that is part of a digital transformation of entire industries. Also known as distributed ledger technology, blockchain is posed to radically transform the way that financial institutions work with register payments. While blockchain technology is pretty technical in nature, its basic foundation offers a new world of digital trust and more efficient processes for financial institutions in the coming years. Its growth in the coming years will be staggering: according to research firm IDC, a quarter of the companies on the Global 2000 intend to use blockchain technologies by 2021 to manage its digital trust at scale. What is Blockchain Technology? Blockchain, as its names implies, is a chain of information blocks that were originally used to timestamp original documents, to avoid any tampering or backdating to the documents. It’s better known today as a distributed ledger technology that records and stores transactions in a database that’s encoded and distributed. Essentially, blockchain serves as a digital ledger, managing transaction on a highly democratized field. Blockchain became better known in 2009, when Bitcoin was created. Now, blockchain is best known as the technology powering the massive rise of cryptocurrencies Bitcoin, Ethereum, Litecoin and others. Many industries today are testing blockchains to examine digital trust and exchanges. The growth of blockchains in industries will likely surpass its current use in cryptocurrencies. Over time, it will likely become the transaction keeper of our decentralized digital age. How does Blockchain technology work? Blockchain technology can process a large number of transactions at low cost. This blockchain distributed ledger is used to efficiently and safely record transactions on a permanent basis. Proponents of blockchain point to its speed in capturing stock…

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