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The term "blockchain technology" typically refers to the transparent, trustless, publicly available that allows us to firmly transfer the ownership of units of value using public key encryption and proof of work methods.

The technology uses decentralized consent to maintain the network, which means it is not centrally controlled by a bank, corporation, or government. In fact, the larger the network grows and becomes increasingly decentralized, the more secure it becomes.

The prospective for blockchain technology is not limited. As such, it has gained a lot of concentration in a variety of industries including financial services, charities and nonprofits, the arts, and e-commerce.

Benefits of Blockchain applications:

  • Payment processing and money transfers
  • Monitor supply chains
  • Retail loyalty rewards programs
  • Digital IDs
  • Data sharing
  • Copyright and royalty protection
  • Digital voting
  • Real estate, land, and auto title transfers
  • Immutable data backup
  • Tax regulation and compliance
  • Managing the Internet of Things networks