Posted on Nov 20, 2018

Highland Risk Services

A blockchain is a ledger of transactions that is stored across a network of computers, known as nodes, as a way of decentralizing ownership and allowing the users to control how the information is amended and updated. Transactions are broadcast across the network, and every node has their own updated version of the transaction events. Removing ownership of the data from one single person lends more accountability and legitimacy to transactions, and allows the activity to be verified by multiple users, making it highly-difficult for outside parties or hackers to corrupt the network or data. Blockchain technology was originally created to support the digital currency, Bitcoin, but the tech community has found quite a few other potential uses for the technology.