Cryptocurrencies of all types make use of distributed ledger technology known as blockchain. Blockchains act as decentralized systems for recording and documenting transactions that take place involving a particular digital currency. Put simply, blockchain is a transaction ledger that maintains identical copies across each member computer within a network. The fact that the ledger is distributed across each part of the network helps to facilitate the security of the blockchain.
While Bitcoin and other cryptocurrencies grew intensely popular among the general financial and investment worlds in late 2017 and early 2018, they have since become more of a niche area for cryptocurrency enthusiasts. However, blockchain technology remains a quickly-growing area of growth for companies across a host of industries. It is possible that blockchain technology will ultimately be seen as the most important innovation to come out of the cryptocurrency boom. Below, we’ll take a closer look at blockchain and see why this technology could be valuable to businesses of all kinds.