“At the most basic level, Blockchain is nothing but a chain of blocks. But the block refers to a “data block” while the chain refers to a “public database”. Essentially, the “blocks” on a Blockchain are made up of digital pieces of information.
It is, therefore, no surprise that blocks store three levels of information – one related to the transaction/action, one related to the person carrying out the transaction/action, and one related to the ability to distinguish one block from another (or a hash).
Naturally, transactional businesses that rely on a sequence of processes/actions (transaction, followed by verification of details, followed by data storage and then hashing) are the business sectors that benefit tremendously by implementing Blockchain technology. One example would be the online purchase or e-Commerce business.
The ability of users to connect their devices to a single Blockchain as nodes, and periodically receive updates when a block is added to the Blockchain, makes the technology a publicly distributed ledger of information.
Blockchain technology can be implemented in many business sectors such as Healthcare, Banking, Document Management, Contracting, Supply Chain and many more.”