The term “blockchain” describes a type of internet-based decentralized ledger system which can be used to record transactions and store data in a manner potentially more secure than one might find in a centralized database system. Blockchains are managed using peer-to-peer (p2p) sharing methods, very similar to BitTorrent. Information stored on a blockchain can be shared across a network through encryption and cross-authentication.
Blockchain will change many aspects of how economies function and develop more transparency and accountability within governments, as well as further decentralize information among individuals, companies, and institutions. The future of blockchain technology is a vast open-ended arena that will likely expand our collective intelligence far beyond previous technologies.
The potential for blockchain to alter global society has attracted the attention of technologists and developers, cooperatives and venture capitalists, the FBI and people outside the law, and almost every world government and banking institution. Currently many sectors of society are fertile ground for experimentation and testing of blockchain applications.