Blockchain Technology Disrupting Traditional Records Systems
Second Quarter 2017, Vol.6, Issue 2
Blockchain technology, popularized by the digital currency bitcoin, is a decentralized digital ledger that has become a disruptive force in the financial industry and elsewhere. A blockchain acts as a distributed database or joint global register of all transactions, bypassing traditional, centralized channels such as banks. The technology underlies the recent surge in cryptocurrencies—digital currencies that, like bitcoin, rely on cryptography, or encryption, to ensure the legitimacy of their transactions.