Leveraging Blockchain

If the market hype is any indication, blockchain — the underlying technology for cryptocurrencies such as Bitcoin — is poised to solve multiple challenges faced by the world by enabling faster,secure and more transparent transactions. Yet the story of blockchain is one of the unintended consequences.

Blockchain, which works on a distributed ledger technology, was originally created as a tracking database for Bitcoin transactions. It was developed in 2009 to enable processing of transactions without the need for a central bank or other intermediary, using complex algorithms and consensus to verify transactions.