Blockchain is a distributed database represented by a chain of blocks that stores information about all transactions between the system participants and protects this data with the following features:
Decentralization – there is no centralized server in the chain, each participant is the server.
Confidentiality – all data is encrypted and a unique access key is required for any transactions.
Transparency – transaction data is stored in the public domain.
Security – an attempt to make unauthorized changes to the system will be rejected due to the inconsistency of the data with previous blocks in the chain.
Such global behemoths as IBM, Walmart, or Microsoft are already using blockchain which proves the huge potential of this technology, especially for doing a transparent business.