Blockchain is a decentralized, distributed electronic database shared across a public or private network. Every transaction in a blockchain database is shared among a number of users, each one verifying that the database is accurate and preventing unauthorized transactions from being completed.
While the first version of blockchain was introduced by the Bitcoin protocol as a form of “peer to peer electronic cash,” the technology has implications far beyond financial transactions. In fact, if you have valuable data you need to protect, blockchain might be the key to guarding it against security threats and ensuring its integrity.
Because blockchain can streamline and cut out third-party middlemen, it can provide a faster and cheaper way to share critical and confidential business data or personal information. It also creates an indisputable digital trail of transactions, making it possible for you to audit that trail so that you can know exactly what has been happening on your network.
In other words, blockchain ensures that you are basing business decisions on accurate, reliable data by allowing you to create a verifiable digital record of every financial transaction, process, task, contract and more.
Yet blockchain is more than just a transactional database for critical data. Once data is committed onto a blockchain, it’s permanent and nearly impossible to manipulate or hack. As such, businesses that adopt blockchain can operate more leanly and efficiently with greater trust in the security of their data. This is why organizations are turning to the technology to solve a wide range of problems, including quality assurance, accounting, contract management, supply chain management, data protection and much more. Regardless of your industry or business type, blockchain has potential to help cut costs, improve customer service or boost overall efficiency.
To jumpstart your research, we’ll survey blockchain technology below, covering how blockchain systems work, how they can protect your most important data, how you can select the right tools for your business and more.