Bitcoin and various other forms of cryptocurrencies are built on the record-keeping technology known as blockchain. The blockchain is comparable to a big shared spreadsheet. But unlike something you generate in Excel, once an entry is made in the blockchain, it cannot be altered. This is so that the spreadsheet can be distributed across a large user network and be encrypted.
Blockchain technology can be used by financial institutions, healthcare providers, enterprises, and others to lower costs, expedite transactions, and increase data security. For investors and consumers, this is fantastic news. Although blockchain technology is still relatively new, it has the potential to fundamentally alter how we conduct business by providing a secure, encrypted method of information exchange.