Blockchain is a technology designed to focus on capturing transactions of participants, across shared processes of a business network thereby providing a "single version of truth". Due to the fact that it uses Distributed Ledger Technology to record transactions across many computers, the transactions cannot be altered retroactively without the alteration of all subsequent blocks & the consensus of the network.
Peer to Peer networking coupled with a distributed time stamping server is the core of its architecture. Transactions are authenticated through a consensus from all participants, who have vested interests in the business network. The immutability of transactions gives a higher level of comfort to the participant. The potential of Blockchain solutions can be extended to Banks, Manufacturing, Insurance, Retail, E-commerce, Health care & other industries with tools like Hyperledger, Ethereum, R3 Corda & Multichain.
