A blockchain is a distributed database that is not centralized. The most important function of a blockchain is to serve as a secure way to record digital transactions. Cryptocurrencies such as Bitcoin and Ethereum have made blockchain technology prominent. But it has since been used for other cryptocurrencies as well.

A blockchain exists on many computers and does not reside with one person or organization. A blockchain differs from a regular database in that it uses decentralized storage, storing each block in parallel on a network of computers and servers. The use of blockchain is important wherever data transfer speed and reliability are important. For example, when concluding smart contracts to supply goods, purchase and register real estate, and in logistics. It enhances the trust, security, transparency, and traceability of data exchanged across business networks.

When using the blockchain, transactions are verified and distributed among the nodes (miners, validators, participants) in the network. This results in high levels of data consistency and high levels of transparency. These characteristics serve as the basis for banking operations.

The blockchain can thus guarantee the accuracy and security of data records and create the need for third parties to provide services. It is an effective technology for all business areas. Above all, it emphasizes transparency, decentralization, and security. Many companies have already discovered its potential and developed their own blockchain-based products. Experts believe this technology has great future potential, so developments in the next few years will be particularly interesting