The Harvard Business Review describes blockchain as “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way…With blockchain, we can imagine a world in which contracts are embedded in digital code and stored in transparent, shared databases, where they are protected from deletion, tampering and revision.”
With blockchain, we can imagine a world in which contracts are embedded in digital code and stored in transparent, shared databases, where they are protected from deletion, tampering and revision.
Undeletable data that can be shared but not tampered with? That sounds like an IT manager’s dream. Steel Kiwi goes on to explain, “Blockchains are distributed networks that can have millions of users all over the world. Every user can add information to the blockchain and all data in the blockchain is secured through cryptography.”
The number of users is actually a key piece of what makes blockchain technology so effective when it comes to security.