Blockchain technology has revolutionized government, finance, insurance, and personal identity security. By 2025, it’s predicted that corporations will be spending $20 billion annually on blockchain technical services. Tech giant IBM is investing more than $200 million in research and over 90% of European and US banks investigating blockchain options.
Although only taking the world by storm over the past few years, blockchain technology is already on its way to becoming a legitimate disruptor in a slew of different industries. So what exactly does blockchain accomplish to make it so popular?
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets across a network. An asset can be tangible (e.g. a house, car, cash, or land) or intangible (e.g. intellectual property, patents, copyrights, or branding). Anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
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