Blockchain is a ground-breaking technology with the potential to impact a whole raft of industries from the financial and government sectors to automotive, energy, logistics and healthcare.
It can be described as a decentralized digital ledger system that manages a continuously growing list of data points (chain of blocks). Every block in the chain is cryptographically linked to the previous one. Therefore, to change one block, an attacker would have to change the entire chain. All transactions or data points are protected by a digital signature, making it extremely difficult to change or alter them.
Depending on the use case, blockchain transactions can be triggered by people or machines/devices (cars, infrastructure devices, etc.). Typically, all participants can access and verify all data, including the full history of a blockchain. In many applications, this eliminates the need for a central “trusted” authority as well as trust between the participants.