Blockchain, also known as a distributed ledger technology, was created as a tracking database for Bitcoin transactions.
Bitcoin transactions are made possible by the Blockchain, which uses complex algorithms and consensus to verify anonymous individuals and organizations, enabling them to process transactions without the need for an intermediary or central bank.
Blockchain’s underlying distributed ledger technology has been seized upon by fintech startups and industry incumbents alike for its potential to provide a reliable alternative to current systems. Their aim is to create a system that decentralizes trust, removing the need for intermediaries and third-party validation and making transactions faster, cheaper and more transparent while increasing security.