The Blockchain technology has created the backbone of a new type of internet. It allows the digital information to be distributed but not copied.
Blockchain helps in maintaining a permanent and tamper-proof record of transactional data. It is a cost-effective way to create and manage a distributed database. It enables many users, or community of users, to write entries into a record of information and to control how that record is changed and updated.
It was originally devised for Bitcoin but other potential uses for it are being found by the tech community. Today, banks and financial institutions across the world are using blockchain to improve security. It has a growth potential as the world progresses towards digital documents.