QUESTION:
What is blockchain technology?
ANSWER:
Blockchain is a digital ledger that is used to record transactions and track various assets. The information is distributed on a business network and can be accessed only by permissioned users. Unlike regular databases, information in the blockchain format cannot be altered, deleted, or destroyed, making it a trustworthy source of information. Once recorded, the information is irreversible and can be seen by all users. Blockchain is also known as distributed ledger technology (DLT).
Although it’s widely used in the cryptocurrency sector, it has many uses, including cross-border payments, contract management, real estate transactions, supply chain management and healthcare.