Overview

Blockchain is a new method of recording transactions within a business network which adds efficiency and trust to the exchange of assets between network members. When asking the simple question "what is blockchain?" one is often confronted with a barrage of technical gobbledygook and seldom given a concise, business explanation of the technology, how it works and its key benefits. I address this by explaining blockchain in clear terms that can be understood by a business practitioner wishing to find out how this new technology can change their organisation for the better. I will focus on blockchain used by businesses, where the technology is applied across a business network where the participants are known. I will touch upon cryptocurrencies, but only to explain the difference between them and blockchain for business.