Blockchain Basics

Enable people to own their content and data, employ open, distributed, decentralized technologies, promote online trust with automated applications, and create the Web of Value.

What is blockchain?

Blockchain is a way of recording information across a distributed network of computer systems that can not be hacked or changed.

This digital ledger of transactions can be used to record transactions and track assets. Blockchains can be public, like those used for mining and exchanging cryptocurrencies, or private networks, like those deployed for voting, supply chain management, and digital identity.

What are the benefits?

People and organizations choose blockchains to:

  • Enhance security
  • Reduce fraud
  • Increase transparency

Blockchain reduces the need for a middleman in payment processing.

Blockchain technologies have been in use for over a decade and ballooned to nearly a 6 billion dollar industry in 2021. The market is projected to continue to grow for use in digital identity verification, exchanges, payments, smart contracts, and supply chain management.