Column: The impact of blockchain technology

The word “blockchain” is commonly associated with bitcoin, but blockchain technology has many potential applications. Understanding what blockchain is and how it may be used will become increasingly important for businesses going forward.

To understand blockchain, it is important to be reminded of how data is ordinarily stored. In most transactions today, each party keeps his or her own set of records along with, possibly, a third-party intermediary. For example, if a customer purchases a product with a credit card, both the customer and the store will maintain their own records of the purchase/sale and a credit card company, which facilitates the transaction, maintains its own records concerning the purchase/sale.

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