What is blockchain technology?

Understanding Blockchain Technology. “The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” – Don & Alex Tapscott, authors Blockchain Revolution (2016).

What are the new international standards for blockchain?

New International Standards for blockchain help to facilitate a common understanding and support its adoption in a safe and secure way. Blockchain technology holds immense promise to revolutionize financial transactions – and with it, improve a whole host of things from financial inclusion to efficiencies in government, health and all …

What are the different types of blockchains?

Other types of blockchains include consortium blockchains and hybrid blockchains, both of which combine different aspects of public and private blockchains. Research from the McKinsey Technology Council suggests that by 2027, up to 10 percent of global GDP could be associated with blockchain-enabled transactions.

What is a private blockchain network?

A private blockchain network, similar to a public blockchain network, is a decentralized peer-to-peer network. However, one organization governs the network, controlling who is allowed to participate, execute a consensus protocol and maintain the shared ledger.