What is Blockchain Technology and how does it work?

Blockchain’s emergence as a powerful new business and financial tool is creating a major buzz in corporate boardrooms and investing chat rooms. Here’s the deal behind blockchain, and what it could mean for you or your business.

Blockchain is already proving to be a gamechanger across the board for a variety of global industries — from finance to agriculture and dozens of industries in between.

Blockchain as a technology is growing robustly as a result.

According to the Global Blockchain Market Report, the market value projection for the blockchain sector will stand at over $60 billion by 2024. That’s up from just $706 million in 2017.

The U.S. and China are the countries with the largest stake in blockchain solutions right now, but countries like South Korea and India are also pouring billions into the technology, and looking to catch up fast.

Still, millions of global consumers have no idea what blockchain is and how it will change the way they conduct commerce in the coming years.

Here’s a closer look at the blockchain phenomenon and what it means to global industry and the consumers participating in those industries.

What Is Blockchain Technology?

Broadly defined, blockchain is a distributed ledger system that offers stronger security to the real-time digital economic process. Structurally, blockchain is comprised of blocks of digitally recorded data.

According to the Global Blockchain Market Report, demand for blockchain technology is burgeoning, in key areas like finance and in technology. For example, the “largest users” of the IBM (IBM – Get Report) cloud increasingly count on blockchain to properly manage their supply chains. The report notes that 60 IBM cloud data centers see blockchain as “the top application driving growth” across the globe.

Blockchain growth has accelerated now that system developers have figured out how to harness blockchain with worldwide digital technologies.

“Digital technology is dominant worldwide,” the blockchain report states. “The old mainframe digital technology managed data in batches, now digital data is managed in real-time over the internet. Blockchain brings digital technology into real-time computing systems management. It has the ability to change all aspects of the digital economy, including conducting business, delivering healthcare, shopping, enhancing education and learning, entertainment, and staying connected with a social world.”

The global financial sector has been particularly aggressive — and successful — in bringing blockchain to the masses.

“Online payments have gained huge traction,” the Global Blockchain Market Report states. “Card-based payment methods, credit and debit cards have become dominant. Blockchain supports all these changes by creating increased speed of transaction processing and greater efficiency in real-time processing.”

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Source: What Is Blockchain Technology and How Does It Work? – TheStreet