The rise of cryptocurrencies has in turn raised the profile of the blockchains, the underlying technology that many cryptocurrencies like Bitcoin operate on, which is rapidly becoming more relevant in the context of the modern enterprise.
Blockchain is not only about cryptocurrencies. It is also about new ways of using IT to enable the business because – at its core – blockchain is a record-keeping technology that is designed to make it impossible to hack or forge the data on it.
Because the blockchain is secure and immutable, many industries are exploring blockchain-based applications as a secure and cost-effective way to create and manage distributed databases and maintain records for all types of digital transactions.
As a result, there has been a fair amount of hype around blockchain, which is a type of distributed ledger technology (DLT), with some vendors jumping on the blockchain bandwagon and claiming that it is capable of solving a wide array of problems.
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