The term "blockchain" has become ubiquitous in
recent months, garnering headlines and social media attention. It
also tends to be a source of confusion.
I am often asked whether blockchain is different from bitcoin or
whether it has anything to do with the recent explosion of activity
in the initial coin offering space. The answer to both these
questions is yes, but blockchain technology has applications far
beyond these uses, including the creation of "smart
contracts". Many commentators have predicted that, over the
next several years, blockchain technology will disrupt industries
and transform the way that many commercial transactions are carried
out.
What is Blockchain?
Simply put, it is a digital ledger on which transactions can be
recorded that is maintained in a decentralized manner rather than
in a central location. This ledger is maintained across a network
of unrelated computers, called nodes, which are connected via the
Internet and which run the
