Blockchain technology started in 1991 to store and secure digital data. Blockchain is an open ledger that several parties can access at once.

The main components of blockchain technology are a digital ledger and a network of computers (« Mining nodes »). Each node has a copy of the digital ledger updated continuously based on the transactions. In blockchain technology, the transaction between any two users goes into this digital, decentralized ledger. One of its primary benefits is that the recorded information cannot be modified, as Blockchain is an immutable public digital ledger: each new record becomes – in fact – a block with a unique, identifying hash. Linking the blocks into a chain of records forms a blockchain.

All the transactions in blockchain technology are transparent, meaning that every node in the blockchain network is informed about every transaction and updated accordingly.

Blockchain helps in the verification and  traceability of multistep transactions needing verification and traceability.

This trust is built on blockchain’s enhanced security, greater transparency, and instant traceability. Beyond matters of trust, blockchain delivers even more business  benefits, including the cost savings from increased speed, efficiency, and automation. By greatly reducing paperwork and errors, blockchain significantly reduces overhead and transaction costs, and reduces or eliminates the need for third parties or middlemen to verify transactions.