(Note: companies that could be impacted by the content of this article are listed at the base of the story (desktop version). This article uses third-party references to provide a bullish, bearish and balanced point of view; sources listed in the “Balanced” section)
Blockchain technology has the ability to transform the way we conduct transactions in almost every industry. This decentralized and digitized ledger allows anyone to own digital goods, assets, and data. At the most basic level, blockchain is a growing list of records, called blocks. The database is shared across a network of computers and once a record has been added to the chain, it is very difficult to change. Each block contains a cryptographic hash, which includes the time the transaction occurred, the dollar amount, and both parties’ digital signatures. Bitcoin’s ledger was blockchain’s first real-world application, getting the ball rolling on this new and innovative technology. After the first ledger was created, the technology began to spread across the global economy.