Blockchain is a shared, virtual ledger that can record the history of transactions that cannot be altered. Each transaction is put into a block, and those blocks are linked in an irreversible chain. The record is distributed among all users, making access and the ability to reconcile records faster: each member of the network has access rights so that confidential information is shared on a need-to-know basis. The process makes transactions secure, faster and more transparent.
Products made with Blockchain also note they have “smart contract” technology. Smart contracts define conditions all parties must agree to – if required conditions are met, the program will execute agreed-upon actions.