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Blockchain - A protocol for exchanging value

Blockchain technology, though still in emerging stages, is being considered as biggest disruptive technology in the modern technology ecosystem.

Core of Blockchain lies in its approach of verifying and tracking activities/transactions. Instead of a trusted third-party (which does authentication, identification, clearing, settling and record keeping), blockchain relies on consensus among a peer-to-peer network of computers (nodes). Blocks of time-stamped transactions are stored on all nodes across the value chain, rather than a single database. This elimination of middlemen and decentralization of trust has introduced possibilities to make processes such as cross-border payments, claims, compliance, and settlement faster, more reliable and less costly.