What is Blockchain?
Blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.
A blockchain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography.
Each block typically contains a cryptographic has of the previous block, a timestamp and transaction data. By design, a blockchain is inherently resistant to modification of the data.
Blockchain Use Cases
R3, backed by 42 of the world's largest banks, has already started experiments with Microsoft's Azure-based Blockchain-as-a-Service to develop Ethereum as a bank-to-bank global transaction system.
One of the most promising applications of blockchain technology is the smart contract. It can execute commercial transactions and agreements automatically. It also enforces the obligations of all parties in a contract - without the added expense of a middleman.
When identity management is moved to blockchain technology, users are able to choose how to identify themselves and who will be informed. They still need to register their identity on the blockchain somehow, but after that, they can re-use that identification for other services.
Other Use Cases
Customer Readiness for Blockchain