Much has been said about blockchain over the years, but
fundamentally, blockchain enables users to transact with each other
in a direct and secure way and provides an immutable, unchangeable
record of such transactions. Blockchain transacting cuts out the
“middle man”. In traditional transactions,
intermediaries such as banks and governmental institutions are used
to protect and validate transactions.
For these reasons, blockchain is seen as a viable and even
innovative way to do business.
Blockchain lends itself to many other uses besides transacting,
including: record-keeping and time-stamping made possible by the
immutable, unchangeable nature of blockchain technology;
tokenisation to protect data; and even verifying identity and legal
status in commercial transactions.
